Home / Industry / Banking /  BOE says it won’t hesitate to change rates as much as needed

BOE says it won’t hesitate to change rates as much as needed

FILE PHOTO: A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File Photo (REUTERS)Premium
FILE PHOTO: A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File Photo (REUTERS)

The Bank of England said it will not hesitate to change interest rates “by as much as needed” to hit its 2% inflation target in a statement intended to calm financial markets following the government’s decision to slash taxes.

 The Bank of England said it will not hesitate to change interest rates “by as much as needed" to hit its 2% inflation target in a statement intended to calm financial markets following the government’s decision to slash taxes.

The pound fell after the statement and was down 1.6% at $1.0683 as of 4:38 p.m. in London. 

BOE Governor Andrew Bailey said the bank is monitoring developments in financial markets “very closely" and “will not hesitate to change interest rates by as much as needed to return inflation to the 2% target sustainably in the medium term."

The bank “will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the Government’s announcements, and the fall in sterling, and act accordingly," he said.

 

 

 

This story has been published from a wire agency feed without modifications to the text.

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