BoE’s Bailey: Policy still restrictive to squeeze out sticky inflation

BoE Governor Andrew Bailey said in a speech today that while the UK has made notable progress on disinflation, monetary policy remains restrictive to “squeeze out remaining persistence in inflationary pressures”.

Speaking weeks ahead of the August policy meeting, Bailey stressed the presence of “two-sided risks” to inflation. He emphasized that a “gradual and careful approach” remains appropriate and monetary policy is “not on a pre-set path”.

Full speech of BoE’s Bailey here.