The Governor of the Bank of England has said the UK is experiencing a “weak growth environment” amid a period of “heightened uncertainty” around the world.
Andrew Bailey, speaking at an event held by think tank Bruegel in Belgium, said: “Today, we’re in a period of, frankly, heightened uncertainty – we all know what’s going on around us.”
Continuing disinflation in the economy – price rises cooling – allowed the Bank to cut interest rates for the third time this month, Mr Bailey said, adding: “Because we are facing a weak growth environment in the UK.
“It is quite hard to work out to what extent that weaker growth story is a result of supply-side weakness, or supply-and-demand-side weakness.
“The second thing is we are facing a short-run hump in inflation that’s going to go up … nearly all of that comes from administered prices, particularly in the energy market, water and some other public services.”
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