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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“Inflation concentrated in basic products hits people with lower incomes the most“.
“If we don’t get inflation back on target, things will get worse for the most disadvantaged“.
“The alternatives to not raising interest rates are even worse, in terms of persistent inflation.”
“We see upside risks to inflation over the next yearthe risks are balanced afterwards”.
“Is very important that we have moved away from a predictive forward guidance framework“.
“Despite the slowdown in demand, our agents tell us that companies feel they can raise prices to meet higher costs.”
“I don’t think the critics are right when they say the BoE is braking at the wrong time.”
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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