Sun. Feb 25th, 2024
Ex-Bank of England governor urges interest rate caution

A former governor of the Bank of England has told Sky News that while it was too slow to turn off the stimulus taps after the COVID pandemic, its actions to tame inflation are now "in the right area."

Lord Mervyn King, who presided over the Bank's response to the global financial crisis in 2008, was speaking as current policymakers prepare to meet ahead of the next interest rate decision on Thursday.

Financial markets and economists currently expect a 15th consecutive rise, by 0.25 percentage points, taking the rate to 5.5%, a 2007 high.

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