Ramsden Indicates Shift on Rates Amid High Inflation

Bank of England Deputy Governor Dave Ramsden has hinted at a potential shift in interest rates due to persistently high inflation. Speaking after delivering a speech, Ramsden acknowledged that high energy prices and inflation are affecting his thinking on interest rates.

Ramsden noted that by the time of the next Bank of England rate-setting meeting in November, there should be some initial evidence of the direction of negotiations over 2027 wage deals.

He emphasized that these factors 'begin to have a bearing' on his thinking and suggested that a rise in interest rates may be necessary to combat inflation.