Bank of England governor warns of further interest rates rise

Bank of England governor warns of further interest rates rise amid mortgage crisis

The Governor of the Bank of England has warned that interest rates may have to be raised even higher than initially expected to tackle inflation. Andrew Bailey said Bank officials will “not hesitate” to raise interest rates if necessary, while warning that a “stronger” response than previously anticipated could be required.

Speaking at the G30 annual international banking seminar, Mr Bailey said: “The UK Government has made a number of fiscal announcements and has set October 31 as the date for a further fiscal statement.” He said that the Bank’s monetary policy committee “will respond to all this news at its next meeting in just under three weeks from now”.

He continued: “It’s not appropriate for me to constrain the choices he makes, but the very clear message I would give, and it is a clear message for everybody, including a clear message for markets… I can tell you there is a very clear and immediate meeting of minds on the importance of stability and sustainability.”

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