Bank of England Governor Andrew Bailey said it is too soon for the UK to declare victory in the battle against inflation and that the “last mile” will require a prolonged period of restrictive interest rates. “It’s the last mile which obviously is where policy is really doing the work, and we’re going to have to see policy stay restrictive,” he said Thursday in an interview with Bloomberg TV. “It’s going to have to remain restrictive to have this effect of bringing inflation down, and particularly next year.” The remarks signal a bleak backdrop for the UK economy next year, when Prime Minister Rishi Sunak is likely ... (full story)