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Exclusive: Bank of England will probably need to raise rates again, Ramsden says

Bank of England Deputy Governor Dave Ramsden sits for a portrait during an interview with Reuters, at the Bank of England, London, Britain, August 8, 2022. REUTERS/Toby Melville

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LONDON, Aug 9 (Reuters) – The Bank of England will probably have to raise interest rates further from their current 14 year-high to tackle inflation pressures that are gaining a foothold in Britain’s economy, BoE Deputy Governor Dave Ramsden said.

Inflation’s spread was now showing up in rising British pay and companies’ pricing plans, having originally been triggered by the reopening of the world economy from COVID-19 lockdowns and then by Russia’s invasion of Ukraine, Ramsden told Reuters.

Inflation is expected to return to the BoE’s 2% target – down from above 9% now and a projected peak of 13% in October – as the economy goes into a recession and borrowing costs rise.

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