Governor: "If we do not act forcefully now it will be worse later on"

Governor of the Bank of England Andrew Bailey says that "people should not have to worry about inflation", and that this was the reason for the recent "forceful" action by the Bank to increase interest rates.

He admitted that "it is a tough road ahead" with energy prices rising and the economy staying flat.

Despite gloomy predictions though that he thought that the interest rate while likely to rise further, they should not go as high as has been priced in by financial markets he concluded.

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