Bank of England's Andrew Bailey: 'We are much nearer the top' of the hiking cycle

Rate transition still pending

Bank of England governor Andrew Bailey has suggested the central bank may stop hiking interest rates soon.

In a Treasury Select Committee hearing yesterday (6 September), he told MPs that, based on the current evidence and data, "we are much nearer the top of the [hiking] cycle". Bailey admitted the UK is past the phase where rates needed to be raised, as the BoE's Monetary Policy Committee gears up for its upcoming decision on 21 September. Huw Pill: BoE must 'see the job through' against inflation The governor admitted inflation figures for August may be slightly higher than forecast due to an increase in petrol prices, but emphasised the inflationary path will continue to be downward...