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.

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.

These scenarios"would suggest that there are structural changes in product and labor markets going on which are causing the supply side of the economy to change as a lasting legacy of the major shocks we have experienced," he is expected to say.gave his firmest comments yet that interest rates lie ahead for the world's biggest central bank, stating:"The time has come for policy to adjust.

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