Bank of England Governor Andrew Bailey has said the MPC will act forcefully if inflationary pressures persist.
In its 2022 annual economic report, the Bank for International Settlements has said that timely and decisive action by central banks is needed to restore low inflation.
The ECB Forum on Central Banking begins today in Sintra, Portugal.
The Bank of England’s Monetary Policy Committee increased interest rates by 25bp to 1.25% at their June meeting.
Former Bank of England MPC member Andrew Sentance says rates need to rise by another 3% to control inflation.
Bank of England governor Andrew Bailey has said that he rejects criticism that the BoE is responsible for rising inflation because of Covid.