The Bank of England is in no rush to hike rates and the rates will not go back to levels seen in the past, Chief Economist Andy Haldane said.
“We have a very strong eye on inflationary developments, and they’re currently ahead of our target,” Newcastle Chronicle newspaper reported him as saying.
“That’s why we’ve raised rates once already.” It seems likely that some further tightening of policy might be needed over the period ahead.
“We’re in no rush, rates won’t remotely go back to levels we’ve seen in the past, but nonetheless keeping the cost of living under control is, we think, the single best and most important thing we can do to help the economy generally and, within that, in particular those households who are feeling the pinch financially,” Haldane said.
Source: RTT News