Interest rates will have to be raised higher than initially hoped in the face of inflationary pressures, the Bank of England governor has suggested.
Speaking at an event in Washington, Andrew Bailey said he “will not hesitate” to raise interest rates to meet the central bank’s inflation target.
He added: “And, as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August.”
The bank previously predicted the rate of inflation would peak at 11% in October.
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