Ramsden Joins Calls for Rate Hikes Amid Inflation Fears

Bank of England Deputy Governor Dave Ramsden has echoed concerns that interest rates may need to rise in response to inflationary pressures. Speaking in London, he said he would be prepared to raise rates if 'upside pressures' to inflation continue to build.

Ramsden's comments come on the heels of warnings from fellow deputy governors Sarah Breeden and Clare Lombardelli, who expressed concerns that rising energy prices could trigger a wage-price spiral. The governor's remarks are particularly notable given their timing, as they come just days after the Bank of England made its last interest rate decision.

The Bank of England has been closely watching inflationary pressures in recent months, and Ramsden's comments suggest that policymakers may be preparing for the possibility of higher rates to combat rising prices. While he did not provide specific details on potential rate increases or timelines, his willingness to consider rate hikes is a significant development.