The Bank of England might begin cutting rates before inflation falls to its 2 per cent target, its governor said, as he pointed to “encouraging signs” that price pressures were easing.
Speaking to the Treasury select committee on Tuesday, Andrew Bailey said inflation had “come down very rapidly” in the UK, adding that the technical recession the economy entered last year is likely to be “very small”.
“We don’t need obviously inflation to come back to target before we cut interest rates,” Bailey said. “I must be very clear on that, that’s not necessary.”
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