The Bank of England is pondering further raise interest rates due to concerns that inflation could become woven into the British economic activities, despite the growing risks of a prolonged recession according to BoE\u2019s chief economist Huw Pill.
Pill noted that there was \u201cstill more to do\u201d to tackle soaring inflation after the central bank raised interest rates to 3% last week with the biggest single rise in borrowing costs since 1989.
BoE\u2019s monetary policy committee (MPC) would use its next meeting in December to push interest rates higher, he said: \u201cI think there is more to do. We\u2019ve done some, that\u2019s what we did last week. And there\u2019s still more to do.\u201d
The Bank\u2019s chief economist said there was a danger that a \u201cself-sustaining\u201d inflationary cycle could take hold whereby businesses continue to raise their prices to accommodate higher wage settlements for their workers long after pressure from soaring energy costs disappear.
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The Bank of England is pondering further raise interest rates due to concerns that inflation could become woven into the British economic activities, despite the growing risks of a prolonged recession according to BoE\u2019s chief economist Huw Pill.Pill noted that there was \u201cstill more to do\u201d to tackle soaring inflation after the central bank raised …<\/p>\n","protected":false},"author":13,"featured_media":51338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6967,8172,6987,8143,7536],"class_list":["post-75331","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-boe","tag-huw-pill","tag-inflation","tag-interest-rate-hikes","tag-recession"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/75331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=75331"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/75331\/revisions"}],"predecessor-version":[{"id":75336,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/75331\/revisions\/75336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/51338"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=75331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=75331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=75331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}