Bank of England boss urges firms to hold back price rises or risk higher rates

Andrew Bailey says interest rates will have to rise again unless inflation falls

• Wetherspoon's boss: hospitality holding off price rises could be catastrophic'

The Bank of England governor, Andrew Bailey, has called on businesses to hold back price rises, telling them that interest rates will need to rise again unless inflation falls.

Bailey, who was speaking after the central bank raised its base rate on Thursday to a 14-year high of 4.25% from 4%, said inflation was too high and the central bank would need to take further action unless it began to fall by the summer.