Bank of England chief economist says ‘no rush’ to raise rates

LONDON (Reuters) – The Bank of England is likely to need to raise interest rates to tackle inflation but will not do so in a hasty manner, the central bank’s chief economist said in a newspaper article published on Sunday.

Haldane, on a visit to northeast England, referred to the BoE’s statement after its policy meeting on Thursday that interest rates were likely to need to rise somewhat faster and to a somewhat greater extent than previously thought.

This did not mean rates would rise sharply, he said in a report in the Newcastle Chronicle newspaper.

“We’re in no rush, rates won’t remotely go back to levels we’ve seen in the past, but nonetheless keeping the cost of living under control is, we think, the single best and most important thing we can do to help the economy,” he was quoted as saying.

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