Here’s what you need to know
The chief economist from the Bank of England has spoken out and said that the BoE “seriously” needs to consider raising interest rates to prevent inflation from rising.
Speaking to the BBC, Andy Haldane said: “We need to look seriously at the possibility of raising interest rates to keep the lid on those cost of living increases.”
“For now we are happy with where the rates are, we need to be vigilant for what happens next.”
The Banks chief, Mark Carney said that the evaluation needs to see investment pick up in the business sector as this will offset “slowing consumption” prior to raising rates.
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