Salem Radio Network News Tuesday, July 5, 2022

Business

BoE’s Pill sees need for further interest rate rises

LONDON (Reuters) – The Bank of England will need to raise interest rates further to combat the risk of self-perpetuating price rises, the central bank’s chief economist, Huw Pill, said in a speech on Friday.

“Tightening still has further to run,” he said.

“Supported by the independence accorded to the Monetary Policy Committee to pursue that target, we are able to take the sometimes tough decisions to bring inflation back to 2% and keep it there sustainably,” he added.

(Reporting by David Milliken and Andy Bruce; editing by William James)

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