November 27, 2022

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According to BoE Bailey, 75 basis points is not Reuters’ new norm for rate hikes

1 min read

©Reuters. Bank of England Governor Andrew Bailey speaks during the Bank of England news conference on the Financial Stability Report at the Bank of England, London August 4, 2022. Yui Mok/Pool via REUTERS/Files

LONDON (Reuters) – Bank of England Governor Andrew Bailey said the three-quarters of a point hike in interest rates announced by the central bank on Thursday did not set a precedent for future changes in the cost of borrowing.

“The fact that we’re 75 (basis points) today shouldn’t be interpreted into that, that’s the new norm,” Bailey said in an interview with Bloomberg TV.

He also said there was some evidence that UK labor demand was slowing down.

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