The Bank of England has struggled to tackle an inflation rate that peaked at 11.1% last October.
Investors are expecting an increase in the Bank of England’s bank rate to 5.5% from its current level of 5.25%.
“As such, monetary policy may well have to remain in restrictive territory for some time yet,” Broadbent said in a text of remarks he was due to make at the annual Jackson Hole Economic Policy Symposium in the US. Investors expect another increase in the BOE’s bank rate to 5.5% from its current level of 5.25% on Sept 21, after the next scheduled meeting of the Monetary Policy Committee.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: