Governor calls for steeper rate cuts if jobs market slows down

THE Governor of the Bank of England has called for more dramatic cuts to interest rates if the jobs market sees a substantial slowdown.

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In an interview with The Times, Andrew Bailey insisted: “I really do believe the path is downward” for rates.

He said that businesses are “adjusting employment” following Rachel Reeves’ tax hikes for businesses, particularly in the increases to employers’ national insurance contributions (NICs).