Andrew Bailey, the governor of the Bank of England, has warned that interest rates will need to stay high for an extended period of time to “squeeze inflation out” of the economy.
Bailey said that there was “no room for complacency” in the fight against inflation as the central bank warned that the UK economy was on course for a drawn-out period of zero growth.
• Analysis: Hawkish Bank will not bend until inflation is vanquished
His comments came after members on the nine-strong monetary policy committee (MPC) voted by six to three in favour of leaving the base rate at 5.25 per cent today, a move that was widely anticipated.
In a downbeat set of fresh forecasts, the Bank said that inflation would not
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2023-11-03 12:22:19Z
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