Bank of England Governor Andrew Bailey Reaffirms Commitment to Tackle UK Inflation, Not Complacent Despite Above-Target Rate

Bank of England Governor Andrew Bailey stated that the central bank is "not complacent" about bringing down UK inflation, which remains above its 2% target. He indicated that the bank is not rushing to react to higher oil prices, noting that recent moves in bond yields have already tightened financial conditions. Bailey projects UK inflation to rise to about 3.2% later this year from 2.8% in May, primarily due to earlier oil price increases.