He also expressed concern about inflation lasting longer than expected, warning that higher inflation can become “embedded.”
In a hint towards potential rate rises to come he added: “We can and will do everything we can do, I can assure you of that.”
The Bank previously put up interest rates from a rock bottom 0.1 percent to 0.25 percent in December after much speculation and heavy hinting that a hike would come earlier in November.
Mr Bailey said the Bank was previously uncertain about the impact of the ending of the furlough scheme which had caused it to hold off.
source: express.co.uk