Bank of England (BoE) Governor Andrew Bailey (pictured) stated on Thursday that all options are on the table for the September meeting and beyond while stressing that a "50 bp rate rise today does not mean" the bank is moving to "a pre-determined path of raising rates by 50 bp per meeting."
Bailey's remarks come after the institution rose its policy rate by 50 basis points to 1.75%. During a press conference, he further stressed the pressure exerted by Russia's war against Ukraine on the domestic economy while reaffirming that the British economy "is now projected to enter recession from the fourth quarter of this year."
"Output is projected to fall in each quarter from 2022 Q4 to 2023 Q4. Growth thereafter is very weak by historical standards," Bailey added.
