© Reuters. FILE PHOTO: Bank of England Deputy Governor for Markets and Banking Dave Ramsden attends the Monetary Policy Report Press Conference at The Bank of England, in London, Britain November 4, 2021. Justin Tallis/Pool via REUTERS
LONDON (Reuters) – The Bank of England will have to push borrowing costs higher to control fast-rising inflation, but its four interest rate increases since December are having an impact on the economy, Deputy Governor Dave Ramsden told Bloomberg News.
“I don’t think we’ve gone far enough yet on Bank Rate, but I do think that what we’ve already done is having an impact,” he said in an interview published on Thursday.
Last week the BoE raised Bank Rate to 1.0%, its highest since 2009, and said further increases “may still be appropriate in the coming months”.
BoE is not yet done with rate hikes, Ramsden tells Bloomberg