In an interview with BBC’s Newsround, BoE Governor Andrew Bailey retrained from providing a definite timeline for potential decreases in interest rates. Instead, he emphasized the necessity of bringing inflation under control.
“I can’t give you a date as to when interest rates start to come down because that really depends upon what happens over the period of time ahead, but getting inflation down is the most important thing that we have to do,” Bailey stated.
Offering a glimmer of optimism, Bailey noted a discernible reduction in inflation. He predicted a noticeable fall in inflation rates and affirmed the bank’s dedication to lowering it to their target level of 2%.
Inflation “has already started to come down and I expect … quite a marked fall in inflation, we’ll notice it. What we have to do is set the interest rate to get it all the way down to 2%,” he expounded.
