The Bank of England's Monetary Policy Committee has hinted that further interest rate rises are on the horizon, after it hiked borrowing rates for the fourth consecutive meeting.
Bank of England governor Andrew Bailey has given another strong hint that interest rates could rise, sparking concerns from one former member of the bank’s monetary policy committee.
Heightened inflation caused by global supply chain issues and labour shortages could continue into the middle of next year, according to the Bank of England’s new chief economist.
Inflation could run above the Bank of England 2% target going into 2023, as supply shortages led to CPI spiking this year, according to ratings agency Standard and Poor’s.
The UK is unlikely to see negative interest rates “imminently”, according to David Ramsden, deputy governor for markets and banking at the Bank of England.
The Bank of England has outlined plans to explore how negative interest rates could be implemented for the first time, to help the UK’s economic recovery from Covid-19.
The Bank of England will continue to review the potential of negative interest rates, to help stimulate the UK’s economic recovery from Covid-19, it said today.
Chancellor Philip Hammond has been urged to bring forward plans for a public spending reset after the Bank of England cut interest rates to a record low of 0.25% in response to economic concerns...