Bank of England Gov Bailey says the next interest rate hike could be higher than expected


The BoE is due to announce its next decision on interest rates on November 3. Governor Bailey was speaking at an International Monetary Fund event in Washington.

  • “As things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August”

The previous hike was on September 22:

Bailey’s comments on a ‘stronger response’ brings a 75bp rate hike into play for the November meeting, perhaps even 100bp.

GBP should get a boost in Monday morning trade. GBP has been very much the volatile beast in recent weeks in response to the fiscal announcements from the the new administration. Chancellor Kwarteng has since been fired. The noob Chancellor now is Jeremy Hunt.

Bank of England Governor Bailey:



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