UK interest rates will stay high for some time, stresses Bank of England governor

Andrew Bailey again dismisses speculation about rate cuts, saying fight to bring inflation down to 2% is ‘hard work’

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Andrew Bailey has warned of a tough battle ahead to bring inflation back to its 2% target as he rammed home the message that there was no immediate prospect of the Bank of England cutting interest rates.

For the third time in a week, Threadneedle Street’s governor pushed back against speculation in the financial markets that official borrowing costs would soon be reduced from their level of 5.25%.