UK interest rates likely to remain high for some time

More smoke signals from the Bank of England regarding the future direction of monetary policy, with the Governor, Andrew Bailey, signalling that there's little immediate prospect of a reduction in interest rates. Whilst inflation is expected to fall below 4% in the early months of next year, getting it down any further still looks challenging.

The Governor of the Bank of England has suggested that interest rates aren't coming down soon, arguing that inflation's still not on track to return to target, and that loosening monetary policy at this stage would be a retrograde step.