UK nearing top of rate cycle, Bailey says

Andrew Bailey
Andrew Bailey
Photo: Bank of England

Bank of England governor Andrew Bailey has said the BoE is approaching the point where it could keep interest rates on hold.

There was a time after the Russian invasion of Ukraine when it was “clear rates needed to rise”, Bailey told UK lawmakers on September 6. The question then was how much and over what time scale they needed to rise. “We’re not in that phase anymore,” he said to the parliamentary Treasury Committee.

Bailey declined to speculate on the outcome of the next monetary policy

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