“The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit,” he added.
The U.K. Treasury on Monday afternoon said that the government would set out its medium-term fiscal plan on Nov. 23.
“The Fiscal Plan will set out further details on the government’s fiscal rules, including ensuring that debt falls as a share of GDP in the medium-term,” the Treasury in a statement.
The government also intends to lay out supply-side growth reforms from next month, it added.