Bank of England acutely aware of impact of rising rates, Ramsden says

Posted on October 24, 2022Comments Off on Bank of England acutely aware of impact of rising rates, Ramsden says

© Reuters. FILE PHOTO: 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

LONDON (Reuters) – Bank of England Deputy Governor Dave Ramsden said the central bank was “acutely aware” of the impact that its interest rate increases were having on borrowers but the BoE would take the steps needed to get inflation back to target.

“I have every confidence that we will take the actions necessary,” Ramsden told the Treasury Committee in Britain’s parliament on Monday. “We are acutely aware of the impact of the actions that we have already taken.”

He said rates would be “only have to be as high for as long as they have to be high for.”

Ramsden said the S&P Global/CIPS flash Composite Purchasing Managers’ Index, published earlier on Monday showing a bigger-than-expected-fall in business activity this month, was “consistent with the economy being in recession.”

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Comments Off on Bank of England acutely aware of impact of rising rates, Ramsden says