But Bank of England’s Andrew Bailey says worker shortage may still pose major risks in cost of living crisis
. Official figures for December, due on Wednesday, are expected to show a further modest decrease to 10.6%. That would still be well above the Bank of England’s 2% target.
Answering questions from MPs on the stability of the UK’s financial system, Bailey said a risk premium on UK assets seen in the wake of Liz Truss’s disastrous mini-budget in September was now “pretty much gone”, although cautioned that confidence in the UK remained fragile.The Bank’s governor confirmed it made a profit of about £3.8bn frombought in the emergency intervention in financial markets used to smooth over the turmoil of the mini-budget. The cash would go to the Treasury, he added.
His comments come as the Bank considers raising interest rates for the 10th time in a row early next month, with City investors anticipating a further increase from the current base rate of 3.5% as it looks to weigh up the risk of a recession with the need to combat inflation.this year. Forecasts made in November by the Office for Budget Responsibility, the Treasury watchdog, suggest inflation is on track to drop below 4% by the end of the year.
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