Watch: MPs question Bank of England’s Andrew Bailey on interest and inflation rates

Bank of England governor Andrew Bailey was questioned by MPs on rising interest and inflation rates.

Bailey was addressing the Treasury Committee following his previous suggestion that inflation has peaked in the UK.

Bank of England’s chief economist Huw Pill and London School of Economics professor Silvana Tenreyro also addressed the select committee.

It comes after the central bank raised interest rates for the 10th time in a row last week, prompting concerns about inflation.

Future interest rates are expected to be a focus of the session being held on Thursday, 9 February.

Huw Pill and Jonathan Haskel also delivered their annual reports to MPs.

The government and the bank have recently suggested that a state-backed “digital pound” could be introduced later this decade.

Talks regarding the changing use of cash and cards in Britain were due to commence this week.

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