Inflation: Current price and wage increases 'are unsustainable'

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As the Monetary Policy Committee unanimously and unexpectedly agreed to raise the base rate by 50 basis points, the Governor of the Bank of England Andrew Bailey has reiterated the need to restore price stability.

Asked whether the UK has become an outlier for its rate of inflation, Mr Bailey stressed that many other Western countries are battling with sticky core inflation.

He added the UK cannot continue to "have the current level of wage increases", believed to be the main driver for a more embedded inflation into the economy.

Interest rates latest: https://news.sky.com/story/interest-rates-latest-updates-bank-of-england-about-to-announce-new-interest-rate-as-13th-hike-in-a-row-expected-12615118

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