LIVE BUSINESS: Bank of England ‘ready to raise rates’; Oil rises above $ 80; easyJet raises £ 1.2 billion recovery funds
Bank of England Governor Andrew Bailey has said that all members of the bank’s monetary policy committee are ready to raise interest rates earlier than expected if necessary, with the possibility of an increase before the end of 2021. .
In a speech last night, Bailey took a cautious tone when warning of the “tough yards” facing the UK as the economic recovery from the pandemic stalls.
Oil markets have risen for the sixth day in a row, reversing previous losses as Brent crude futures rose 1.8 percent Monday to their highest level since October 2018 at $ 80.35 a barrel.
The gains are driven by concerns about supply shortages, in addition to rising prices for liquefied natural gas and coal.
EasyJet has received shareholder acceptances for 93 per cent of the new shares it sold as part of a £ 1.2 billion rights issue to fund its recovery from the pandemic.
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Andrew Bailey said the Bank of England is ready to raise interest rates faster than expected, if necessary.