Bank governor denies policymakers ‘bottled it’ by failing to raise rates

Andrew Bailey says interest rates will rise when clearer picture about the labour market emerges

The governor of the Bank of England has signalled that interest rates will need to rise towards 1% in the coming months and rejected suggestions that his team of policymakers bottled it" by failing to impose a widely expected increase.

Speaking to BBC Radio 4's Today programme on Friday, Andrew Bailey said interest rates would rise when a clearer picture emerged about the end of the furlough scheme and unemployment.