Andrew Bailey has said that the Bank of England “will have to act” to curb inflation.
In what appears to be a confirmation that interest rates will increase before the end of the year, as predicted by the markets, the bank’s governor said that recent energy price rises had made a rate change more likely.
A rise could come as early as the monetary policy committee’s meeting in November, but most watchers say a December hike is more likely. New inflation figures are expected to be published on Wednesday.
