Bank of England will probably need to raise rates again, says deputy governor

Central bank must tackle inflation pressures that are gaining foothold in UK economy, says Dave Ramsden

The Bank of England will probably have to raise interest rates further from their current 14 year-high to tackle inflationary pressures that are gaining a foothold in Britain's economy, its deputy governor, Dave Ramsden, has said.

The spread of inflation was showing up in rising British pay and companies' pricing plans, having originally been triggered by the reopening of the world economy from Covid-19 lockdowns and then by Russia's invasion of Ukraine, Ramsden said.