The Bank of England will consider a 0.5 percentage point rise in interest rates when it meets in August.
Governor Andrew Bailey told the annual Mansion House dinner on Tuesday that a 50 basis point increase in the interest rate, currently at 1.25%, will be “among the choices on the table” at the next monetary policy committee meeting on 4 August.
Bailey said there would be “no ifs or buts” in the bank’s commitment to bring inflation down to its 2% target: “That’s our job, and that’s what we will do.”
