Andrew Bailey said the tight jobs market - with near-record low unemployment, more than a million jobs vacancies and wage growth of 7.2% - was the reason the UK inflation rate is higher than both the US and Eurozone
On the potential for further interest rate rises, amid some market expectations this week that the base rate set by the Bank of England could reach 6.25%, Mr Bailey said:"Well, we'll see."
He added:"We can't make promises about future interest rates but based on where we stand today, we think bank rate will have to go up by less than currently priced in financial markets."The ECB event was attended by the head of the US and UK central banks. Both Mr Bailey and ECB president Christine Lagarde said they discussed interest rate decisions.
"We do talk a lot and I think it's important," Mr Bailey said."It's particularly important at the moment because shocks are global... we do see each other quite a lot.", which may be using cookies and other technologies. To show you this content, we need your permission to use cookies. You can use the buttons below to amend your preferences to enablecookies or to allow those cookies just once.
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