Bank of England Governor Andrew Bailey said he was very uneasy about the inflation outlook and that his vote to keep interest rates on hold earlier this month, which shocked financial markets, had been a very close call.
Bailey said he wanted markets to be in no doubt that the central bank would act to counter above-target inflation, even if uncertainty about the outlook for jobs had tipped the balance against raising rates this month.
The BoE said on Nov. 4 that most of the nine members of the Monetary Policy Committee wanted to wait for more figures on the job market, including data due on Tuesday, to be sure that raising rates was the right move. Bailey told the lawmakers on Monday that he thought the labour market was looking "considerably tighter" and anecdotal evidence suggested the end of the furlough scheme had not led to a rise in unemployment.
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