Mark Carney Endorses BOE’s ‘Firm Action’ to Hike UK Rates to 5%

Former Bank of England Governor Mark Carney voiced support for the surprise decision to raise the benchmark lending rate a half point Thursday, saying it’s right that officials get a grip on rising prices.

“Inflation is too high,” Carney said Thursday in an interview on Bloomberg TV at a climate change conference in Paris. “They needed to tighten rates and get them to the appropriate level. So it’s good to see firm action from the bank.”