Andrew Bailey explains Threadneedle's Street's decision to increase interest rates by 0.5% to 3.5%, in what is the ninth consecutive rate hike.
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Citing persistently high inflation caused by external issues such as supply chain disruptions and the Ukraine war, as well as domestic labour market shortages, the governor said the Bank was seeing the first 'glimmer' that inflation was beginning to come down. 'But there is a long way to go,' he added.
Asked whether rates were likely to increase again, he said he would not speculate. 'There is a lot of information we'll get before we get to that point.'
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