Bailey, who has been accused by some investors of sending a wrong signal about the likelihood of a BoE rate hike earlier this month, told an event organised by the Cambridge Union that guidance was still a relatively new tool for central banks.
Bailey has said he was never explicit about when rates might rise and his comments on the need for action were conditional on risks to expectations about inflation which the central bank believes will approach 5% in the second quarter of 2022.
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