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The Bank of England sees “encouraging signs” in key areas of inflation, its governor said, adding that the bank does not need price growth to reach its 2% target before cutting interest rates.
Andrew Bailey said inflation had “come down very rapidly” in the UK, but he would like to see more progress in the areas of services inflation, wage growth and the state of the labor market.
“I’m looking for more sustained progress on those three things,” Bailey said at a hearing before the Treasury select committee on Tuesday. “We have seen, I think, encouraging signs about them.”
This is a developing story