Bank of England Will Have to Act to Contain Inflation: Bailey

Bank of England Will Have to Act to Contain Inflation: Bailey
Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain on March 16, 2020. Tolga Akmen/Pool via Reuters
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LONDON—Bank of England Governor Andrew Bailey sent a fresh signal on Sunday that the British central bank is gearing up to raise interest rates for the first time since the onset of the coronavirus crisis as inflation risks mount.

Bailey said he continued to believe that the recent jump in inflation would be temporary, but that a surge in energy prices would push it higher and make its climb last longer, raising the risk of higher inflation expectations.