Bank of England's Bailey: 'More restrictive policy' could still be needed due to labor market shocks

Bank of England Governor Andrew Bailey will hail the progress made in dampening inflation in the U.K. in a Friday speech, but caution that monetary policy may need to remain restrictive for longer than expected due to shocks from the labor market.

Andrew Bailey, governor of the Bank of England, waits to deliver a lecture at the London School of Economics in London, UK, on Tuesday, May 21, 2024.Bank of England Governor Andrew Bailey will hail the progress made in dampening inflation in the U.K. in a Friday speech, but also caution that monetary policy may need to remain restrictive for longer than expected due to shocks from the labor market.

However, he will caution that two less "benign" scenarios remain possible that will require the Bank of England to "maintain restriction for longer."

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