Bailey: We are approaching the point of reversing monetary policy

BoE governor Andrew Bailey said “We are approaching the point when we should be able to let level of rates rest” in statements delivered after central bank raised interest rate by 25 basis points.

“We have not yet seen evidence that allows us to be sure rates can stay on hold” he added.

He also stated that the Monetary Policy Committee of BoE is “approaching the point when we should be able to pause”

Bank of England is still fighting inflation using rate hikes, the mots effective monetary policy tool in combating extremely rising prices.