Bank of England's Jon Cunliffe pledges to do 'whatever is necessary' as economy slows down

Some economists expect the Bank will raise rates by a larger half percentage point on 4 August at the central bank’s next scheduled meeting.hit a 40-year high of 9.1 per cent in May, with the Bank expecting it top 11 per cent in October.

“Those prices will not continue to rise forever and as that shock passes, the economic conditions in the country have to be ones that do not allow the wage price spiral to develop… and that’s where we’ll do what’s necessary.” The Bank said some businesses will be hit worse than others, including manufacturers and transport companies, which are more exposed to rising energy and fuel prices.

The report also highlights that small and medium businesses are at risk, as the majority of their debt is not Goverment-backed, and so will incurr higher rates.

Source: Energy Industry News (energyindustrynews.net)

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