By James Warrington, Tom Rees, and Matt Oliver
The Telegraph, London
Monday, September 26, 2022
The governor of the Bank of England has ruled out an emergency rate rise following a rout in the pound.
In a statement just minutes after a separate one by Kwasi Kwarteng, the chancellor, Andrew Bailey said the bank's monetary policy committee "will not hesitate to change interest rates by as much as needed" to bring inflation under control.
... Dispatch continues below ...
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He added that Threadneedle Street is "monitoring developments in financial markets very closely in light of the significant repricing of financial assets."
But Bailey stopped short of announcing an emergency meeting of the committee this week and suggested it would stick to its next scheduled gathering in November.
After his statement was released, the pound plunged again, despite having stabilised earlier in the afternoon. ...
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