Bank of England Governor Warns of Higher-Than-Expected Interest Rate Hike

Governor of the Bank of England Andrew Bailey attends a meeting of the IMFC (International Monetary and Financial Committee) at the IMF and World Bank Annual Meetings at IMF headquarters in Washington on Oct. 14, 2022. Drew Angerer/Getty Images

Bank of England (BoE) Governor Andrew Bailey on Saturday suggested the central bank may set interest rates higher than previously expected next month.

Giving a speech at the Group of Thirty’s annual International Banking Seminar in Washington, Bailey said the bank “will not hesitate to raise interest rates to meet the inflation target.”