Bank of England Governor Andrew Bailey comments on Sunday signalling the Monetary policy Committee is ready to act to raise rates.
He continued to believe that the recent jump in inflation would be temporary, but ...
- "Monetary policy cannot solve supply-side problems - but it will have to act and must do so if we see a risk, particularly to medium-term inflation and to medium-term inflation expectations"
- "And that's why we at the Bank of England have signalled, and this is another such signal, that we will have to act," he said. "But of course that action comes in our monetary policy meetings."
Further:
- did not believe there was a "general pattern of labour market pressure" as wages climbed strongly in some sectors but less so in others.
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Bailey was speaking during an online panel discussion organised by the Group of 30 consultative group. Via Reuters
Should be a positive input for GBP.
