The Bank of England on Monday says it “will not hesitate” to raise rates if needed to meet its inflation target.
Investors and traders appeared to shrug Monday after the Bank of England said it was prepared to raise rates as much as necessary to meet its inflation target following a second day of financial market chaos following the U.K. government’s tax-cutting plan.
Bailey... Investors and traders appeared to shrug Monday after the Bank of England said it was prepared to raise rates as much as necessary to meet its inflation target following a second day of financial market chaos following the U.K. government’s tax-cutting plan. Bailey said the BOE’s Monetary Policy Committee, or MPC, has made clear it will make a full assessment at its next meeting of the impact on demand and inflation from the government’s announcements and the fall in the pound, and act accordingly. “The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit,” Bailey said.
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