{"id":142008,"date":"2021-10-17T15:33:20","date_gmt":"2021-10-17T15:33:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=142008"},"modified":"2021-10-17T15:33:20","modified_gmt":"2021-10-17T15:33:20","slug":"bank-of-england-will-have-to-act-to-contain-inflation-bailey","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/bank-of-england-will-have-to-act-to-contain-inflation-bailey\/","title":{"rendered":"Bank of England will have to act to contain inflation – Bailey"},"content":{"rendered":"

LONDON (Reuters) -Bank of England Governor Andrew Bailey sent a fresh signal on Sunday that the British central bank is gearing up to raise interest rates for the first time since the onset of the coronavirus crisis as inflation risks mount.<\/p>

FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen\/Pool via REUTERS<\/figcaption>

Bailey said he continued to believe that the recent jump in inflation would be temporary, but that a surge in energy prices would push it higher and make its climb last longer, raising the risk of higher inflation expectations.<\/p>\n

\u201cMonetary policy cannot solve supply-side problems – but it will have to act and must do so if we see a risk, particularly to medium-term inflation and to medium-term inflation expectations,\u201d Bailey said during an online panel discussion organised by the Group of 30 consultative group.<\/p>\n

\u201cAnd that\u2019s why we at the Bank of England have signalled, and this is another such signal, that we will have to act,\u201d he said. \u201cBut of course that action comes in our monetary policy meetings.\u201d<\/p>\n

The BoE has forecast that Britain\u2019s inflation rate will go over 4%, more than double its target, as the world economy reopens from its COVID-19 lockdowns, causing shortages of supplies and staff, and the price of energy soars.<\/p>\n

Investors are speculating that the BoE might become the first of the world\u2019s biggest central banks to raise rates, later this year or early in 2022.<\/p>\n

Bailey said demand for workers in Britain had been stronger than expected and the number of younger and older workers leaving the labour market had grown.<\/p>\n

\u201cI do have concerns about labour supply growth,\u201d he said.<\/p>\n

But Bailey said he did not believe there was a \u201cgeneral pattern of labour market pressure\u201d as wages climbed strongly in some sectors but less so in others.<\/p>\n

He also said there were lessons for governments seeking to prevent future supply chain shocks in the way financial regulators had responded to the shock of the global financial crisis of 2007-09, including regular stress tests.<\/p>\n

\u201cI\u2019m not saying we have the magic answer to supply chains across the board, but I think there are lessons that we have learned in terms of resilience that can usefully be adapted and used and translated into some other markets, particularly for instance when I look at energy supply,\u201d he said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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