Bank of England’s Ramsden says rates may need to rise if inflation pressures build

LONDON, Sept 28 (Reuters) – The Bank of England may need to raise interest rates if growing inflation pressures strengthen further Deputy Governor Dave Ramsden said on Monday in remarks that stuck close to the message he gave in minutes of September’s policy decision.

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“Whilst the policy stance continues to provide restrictiveness, were upside pressures on the inflation outlook to continue to build, there could be a case for increasing Bank Rate,” Ramsden said in a speech to London’s Money Macro and Finance Society.

Ramsden was part of the 6-3 majority on the BoE’s Monetary Policy Committee who voted to keep interest rates on hold this month.

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Unlike the European Central Bank of the US Federal Reserve, the BoE has not increased interest rates since the start of the Iran war, partly because its policy stance was already restrictive.

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(Reporting by David Milliken; editing by Suban Abdulla)

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This story was originally published September 28, 2026 at 3:14 AM.