Mr Bailey said there are "no ifs, no buts" over the Bank's commitment to bringing inflation back to its 2% target as it warned that the Consumer Prices Index (CPI) will hit 13% later this year due to soaring gas prices.
Bank policymakers raised interest rates to 1.75% from 1.25%, the biggest single rise since 1995, as they tried to control the runaway inflation.
Consumer Prices Index (CPI) inflation will hit 13.3% in October, the highest for more than 42 years, if regulator Ofgem hikes the price cap on energy bills to around £3,450, the Bank's forecasters said.
This story is from the August 05, 2022 edition of Manchester Evening News.
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This story is from the August 05, 2022 edition of Manchester Evening News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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