The Governor of the Bank of England (BoE), Andrew Baileydelivers his speech on the outlook for monetary policy and answers questions from the press following the central bank’s decision to raise interest rates by 50 basis points to 1.75%.
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“We would have had to raise interest rates by double digits last year to fully offset current inflationcausing a much deeper recession than is now anticipated”.
“Some parts of the UK economy are still going strongincluding the labor market”.
“The knock-on effect of BoE rate hikes has been faster for borrowers than for savers so far.”
“It’s important that savers receive the return they should.”
About Andrew Bailey (via bankofengland.co.uk)
“Andrew Bailey previously held the position of Deputy Governor, Prudential Regulation and Chief Executive Officer of the PRA from April 1, 2013. While retaining his role as Chief Executive Officer of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, banks investment and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting.”
Source: Fx Street
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