The UK rates would need to rise | 08 November 2021

GBPUSD trading plan:

Bank of England officials sought to reassure investors that they were sticking to plans to raise interest rates, a day after the central bank confounded widespread market expectations of a rate hike. The BoE’s chief economist, Huw Pill, said its Monetary Policy Committee still saw “some need” for a rate hike with inflation heading for almost 5%.Bailey reiterated his view that rates would need to rise and he dismissed a suggestion that the bank had lost its nerve. Pill said underlying wage growth in Britain was starting to exceed its pre-pandemic levels, in contrast to the United States and the euro zone, but “at the margins” he was slightly more concerned about a recent loss of momentum in Britain’s economy.

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