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BOE Deputy Governor Says Mini Budget Will Add to UK Inflation

Oct. 7, 2022, 11:41 AM

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.”

The September vote, which was taken just ahead of the mini-budget, incorporated government plans to freeze energy bills but not the tax giveaways, Ramsden said. That means November’s rate decision and economic ...