LONDON: The Bank of England is not trying to cause a recession as part of its efforts to tame inflation, and expects to avoid one, BoE Governor Andrew Bailey said on Thursday.
“We’re not seeking to precipitate a recession, and we’ve got an economy that is much stronger and more resilient than we expected it to be,” Bailey told reporters in a television interview.
Bank of England hikes rates to 5% in surprise move to tackle stubborn inflation
“We’re not expecting, we’re not desiring a recession, but we will do what is necessary to bring inflation down to target,” he added.
Earlier on Thursday, the BoE voted 7-2 to raise interest rates to 5% from 4.5%, a bigger increase than the quarter-point move expected by economists.
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