BOE’s Bailey Says He Favors Moving Rates Gradually

Bank of England Governor Andrew Bailey said he favored moving interest rates gradually instead of delivering an unexpected shock to get inflation under control.

The central bank on Thursday lifted borrowing costs to 0.5%, with Bailey voting with a 5-4 majority for a quarter-point increase. Other members of the panel sought to deliver a bigger hike that would have been unprecidented for at least the last quarter century.