Governor Andrew Bailey cautioned that the increase in employers' national insurance contributions in Labour's Autumn Budget would necessitate a gradual reduction in interest rates to assess its economic impact.
Bailey emphasized the importance of a gradual approach to easing monetary policy, stating it would allow for better observation of potential ramifications on inflation and the economy.
He acknowledged the increased mortgage costs resulting from the Budget, linking it to the Chancellor's announcement of significant annual rises affecting the economy until 2030.
Addressing potential employment impacts, Bailey remarked on the risks outlined by the British Retail Consortium regarding a possible greater reduction in employment due to economic adjustments.
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