Bank of England Governor Defends Rate Increase

 Bank of England Governor Defends Rate Increase


 Andrew Bailey, Governor of the Bank of England

Governor of the Bank of England Andrew Bailey, has defended his decision to increase interest rates, Interest rates rose to 1.75 over the past 27 years.

 

At the moment, the United Kingdom expects to experience inflation that is expected to hit more than 13% this year.

 

England is predicted to fall into recession, This year will fall more than the year 2008 when it was predicted.

 

Increasing interest rates is one way of trying to control inflation as it increases the cost of borrowing.


Governor Bailey has warned about the salary increase for workers that it could lead to high inflation

"The real danger we are facing now is the inflation that comes in and does not come down in the way we would expect, we have had a shock at home and we have also had a shortage of labor in the last two years"

 

The Governor has also warned against salary increases, saying this will make inflation worse and he added that if inflation increases, people who have a low economic status will be the most affected because they do not have the ability to negotiate.

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