Interest rates may need to rise again, warns Bank of England boss – but ‘nothing decided’

Britons ‘should not have to worry about inflation in this way’, says Andrew Bailey

Interest rates may need to rise further to keep inflation in check but “nothing is decided” yet, Bank of England boss Andrew Bailey said on Wednesday following a raft of negative housing data.

Inflation “remains much too high” and is putting families and businesses under real strain, the Bank governor said in a speech at a cost of living conference.

Economic activity has been a little stronger but wages are also rising firmly, he said, and while inflation is forecast to fall sharply over the year ahead, the Bank is watching carefully to ensure price rises do not become entrenched.