Ramsden: Further increases in Bank rate likely required

Highlights of his speech:

• "I am not yet confident that domestically generated inflationary pressures from increased costs and firms’ pricing pressures are starting to ease. Encouragingly survey and market based medium term inflation expectations have fallen back from their peak, though they remain elevated. "
• "Assuming that in the near term the economy evolves broadly in line with the latest MPR projections and given my assessment of the balance of risks, then I expect that further increases in Bank rate are going to be required to ensure a sustainable return of inflation to target. Considerable uncertainties remain around the outlook and if the outlook suggests more persistent inflationary pressures then I will continue to vote to respond forcefully. "
• "it is possible that the increased proportion of households on fixed rate mortgages means the full effect of policy takes longer to come through and/or is larger when it does, such that meaning that inflation comes down more quickly through 2023."
• "Although my bias is towards further tightening, if the economy develops differently to my expectation and persistence in inflation stops being a concern, then I would consider the case for reducing Bank Rate, as appropriate."