BoE will adjust rates as needed to return inflation to target -Bailey

Bank of England Governor Andrew Bailey said the bank would adjust its key interest rate as necessary to return inflation to its 2% target.

"If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required," Bailey said at a press conference on Thursday.

"The MPC will adjust bank rate as necessary to return inflation to target sustainably in the medium term, in line with its remit."