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Economics

BOE Deputy Governor Says Mini Budget Will Add to UK Inflation

  • Big hike coming as MPC members decide ‘how forceful to be’
  • Market turmoil driven by domestic factors, Ramsden argues
The Bank of England headquarters in London.
The Bank of England headquarters in London.Photographer: Carlos Jasso/Bloomberg
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Bank of England Deputy Governor Dave Ramsden said last month’s mini-budget may add materially to inflation as he signaled that all nine rate-setters plan to act forcefully to tackle rampant price growth.

In a speech to the Securities Industry Conference, Ramsden said the impact of the chancellor’s £43 billion package of unfunded tax cuts was “likely to be material for the economic outlook over the next three years.”