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."

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in SG

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Brits snap up lower mortgage deals as Bank of England rate cut boosts property marketBritain’s biggest high street lenders are continuing to slash borrowing costs after the Bank of England’s first interest rate cut in four year…
Read more »

European stocks to extend declines after Bank of England rate cut as global sentiment soursEuropean markets were set to extend losses Friday after the Bank of England narrowly approved an interest rate cut.
Read more »