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BoE's Andrew Bailey warns Budget tax hikes add 'uncertainty' for interest rate cuts
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Speaking to members of the Treasury Select Committee earlier today (19 November), Bailey said the increase in employers' national insurance contributions (NICs) announced by Chancellor Rachel Reeves in her inaugural Budget was «one of the biggest uncertainties ahead» for monetary policy. As such, «a gradual approach to removing monetary policy restraint will help us to observe how this plays out, along with other risks to the inflation outlook», the BoE governor said. «There are different ways in which the increase in employers' national insurance contributions announced in the Autu...
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