Bailey denies 'secret plan' to raise interest rates amid rising costs
UKPulse News Desk
Bank of England Governor Bailey has stated there is no 'secret plan' to increase interest rates, even as energy and food costs are projected to rise further.
- Bank of England Governor Bailey denies a 'secret plan' to raise interest rates.
- Bailey told MPs that risks to costs 'are to the upside'.
- Energy and food costs are expected to climb due to global conflicts and extreme weather events.
Bank of England Governor Bailey has insisted there is no 'secret plan' to raise interest rates, despite soaring mortgage costs affecting families. Speaking to MPs, Bailey reportedly stated that risks 'are to the upside', indicating a potential for further increases in costs.
This outlook is attributed to energy and food costs, which are anticipated to climb further. The expected rise in these costs is linked to global conflicts and extreme weather events.