One of the Bank of England’s rate-setters has said more interest rate rises may be needed in the fight against inflation.
Catherine Mann said in a speech at the University of Kent that further hikes were needed to convince people that inflation can be brought back under control and under the bank’s 2% target.
“We cannot be complacent in the face of the short-term spikes and medium-term drift,” Mann said. “Acting more forcefully now, to ensure that the drift does not become the norm, is designed to avoid depending on a deeper and longer contraction to return inflation to target.”
