A Bank of England policymaker says he wants more data on new virus variant before rates decision.
An interest rate rise in December may be hanging in the balance after a Bank of England policymaker said the Omicron coronavirus variant could slow the UK economy.But he said on Friday that he needed more information before making a decision at the meeting this month.It had been widely expected to lift borrowing costs from a record low of 0.1% to combat rising inflation.
Though he said there were also risks from delaying an interest rate rise for too long: "Continued delay also could be costly."While Omicron might slow Britain's economy, Mr Saunders said it could also help push up the cost of living if it led to people spending less on going out and other in-person services and more on goods, when supply chains are already strained."This could require a more abrupt and painful policy tightening later," Mr Saunders said.
He said the rates were likely to rise over the next few quarters, assuming the economy performs as expected.
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