Britain will continue to fight inflation

Bailey, in his assessments, said that inflation in the UK was well above the level he desired. He reminded the expectations that the effect of the steps to reduce inflation in the country can only be seen in the next 18 to 24 months.

“Inflation is bad for the poorest in general. In particular, this inflation is bad," Bailey said, noting that it is possible for the Bank of England to take possible policy rate hike steps in the coming period, emphasizing that the inflation in the country is expected to reach its peak level this winter.

At the highest level in 40 years

Bailey had previously called for workers' unions not to demand a salary increase, arguing that demanding a salary increase from their employers would further increase inflation in the country, and these statements were met with public reaction.

The Bank of England increased the policy rate by 75 basis points to 3 percent last week, with the steepest rate hike in 33 years. Inflation in the country increased by 10.1 percent in June of this year, reaching the highest level of the last 40 years.