BoE's Bailey: Past rate hikes will weigh more on economy in coming quarters

Bank of England Governor Andrew Bailey said on Thursday the central bank would factor into its decisions that previous rises in bank rates would weigh more on the economy in the coming quarters.

"The rise in bank rates since December 2021 will weigh more on the economy in the coming quarters and the MPC factors this into its policy decisions," he said at a press conference after the bank raised its key interest rate.