9/26/2022, 5:38 PM (Source: TeleTrader)
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BoE says won't hesitate to change rates as necessary

Bank of England Governor Andrew Bailey said on Monday that the United Kingdom's central bank "will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term."

Bailey also wrote in a statement that the BoE is closely monitoring the latest "developments in financial markets," specifically the "repricing of financial assets." According to him, the monetary policy should "ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term."

The bank will "act accordingly" after carrying out a "full assessment" of the economic package the UK government revealed last week and its effects on the demand, inflation and the most recent fall of the national currency, Bailey stressed.

Baha Breaking News (BBN) / MS