Deputy Governor of the Bank of England, Broadbent: The Bank of England should not rush to adjust interest rates

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ME News message, May 18 (UTC+8). JIN10 News. Bank of England Deputy Governor Breeden said that, under the dual blows of current geopolitical turbulence and the energy crisis, the central bank should remain “prudent” and should not take “overly rash” action on interest rates. Breeden is one of the potential contenders to succeed Bailey as the Governor of the Bank of England in two years. When meeting with corporate executives in the southwest of England, she repeatedly conveyed dovish signals on interest rates, expressing sympathy for businesses and households as pressure from rising bond yields and cost-of-living strains builds again. At the April meeting, Breeden voted with most of the committee members to keep the interest rate at 3.75%. However, the Bank of England’s Chief Economist Peeler supported a rate hike. As the energy shock continues, calls within the nine-member committee for raising interest rates may grow louder. Breeden said, “We don’t have to act hastily. We are in a favorable position now to observe how the economic situation develops.” (Source: JIN10)
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