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Interest rate rise unlikely before Christmas, says Bank policymaker
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An interest rate rise before Christmas is unlikely despite rising energy prices and supply shortages that are expected to push inflation towards 5%, according to Bank of England policymaker Silvana Tenreyro.
Setting herself against colleagues Michael Saunders and governor Andrew Bailey, who have warned in recent weeks that inflationary pressures could warrant a rapid response by the central bank, Tenreyro said it was unclear whether a rise in the cost of borrowing before Christmas would control the escalating price of imported goods.
With the economy already slowing and consumer confidence falling, she predicted a spike in prices over the next few months was likely to prove short-lived, meaning that an interest rate rise would take effect
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