More work needed to tackle UK 'inflationary pressure' as BoE members warn of further market upheaval

Treasury Committee hearing

Bank of England Monetary Policy Committee members have argued there is still work to be done to “squeeze [...] domestic underlying inflationary pressures”, as the UK continues to face challenges both from inside and outside the country.

During a Treasury Committee hearing on Wednesday (5 March), Bank of England governor Andrew Bailey said that, despite the underlying trends toward disinflation that influenced his vote for a rate cut in February, he warned we are "living in a world of greater uncertainty" compared to when the MPC last convened before the committee. He further took notice of UK economic activity, which has flatlined since last Spring in 2024, adding that this is to an extent due to a combination between supply and demand issues. Bank of England rate setter Ramsden warns of 'concerning developments' in ...