BoE's Bailey: We will be watching 'closely' to see if further rate hikes are needed

"We will need to keep interest rates high enough for long enough to ensure that we get the job done. Whatever happens we will do what is needed to get inflation back to normal."

Bank of England Governor Andrew Bailey said on Thursday that the central bank would be watching closely to see if further increases to interest rates are needed.

"We will be watching closely to see if further increases are needed," Bailey said after the BoE decided to hold rates at 5.25%, halting its long run of interest rate increases. "We will need to keep interest rates high enough for long enough to ensure that we get the job done. Whatever happens we will do what is needed to get inflation back to normal."

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