The head of the Bank of England – responsible for the rise in interest rates – has said it never feels good for central bankers to raise rates but it is their job.
Asked how it feels to be doling out the medicine of interest rate rises, in an effort to reduce inflation, Andrew Bailey said it never feels good for central bankers but it is their job.
Speaking to Sky News data and economics editor Ed Conway, Mr Bailey said he was doing so to bring down inflation, and that if actions weren’t taken, things would get worse.
“Much bigger” job losses could result, he said, explaining that it was critical the Bank takes action.
He denied accusations that the rate rises are bringing about a recession, saying such a statement was unfair. Instead, Mr Bailey placed the blame on economics shocks, the war in Ukraine and high gas and goods prices.
For mortgage holders whose rates have risen the governor said the market rates are too high. More mortgage products should return to the market, he added.