Bank of England will act on prices, says governor

Key Facts

• The Bank of England "will have to act" over rising inflation, governor Andrew Bailey has warned, suggesting that UK interest rates may rise soon.
• The Bank has already said UK inflation is set to exceed 4% before falling back as the economy recovers from Covid.
• "Monetary policy cannot solve supply-side problems - but it will have to act and must do so if we see a risk, particularly to medium-term inflation and to medium-term inflation expectations," the Bank governor said.
• "And that's why we at the Bank of England have signalled, and this is another such signal, that we will have to act," he added.

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