Bank of England deputy governor Ben Broadbent doesn’t know how the Omicron variant will affect his vote on UK interest rates later this month.
Asked how Omicron will influence his thinking, Broadbent told his audience at Leeds University that:
“I go into these meetings not knowing very often what I’m going to vote myself.
“I think the best way to look at it is to look at our last set of forecasts, think about the economics of this, think about the data we’ve had since then.”
He also points out that the Bank’s latest forecasts show that interest rates do need to rise, to avoid inflation being over target in two or three years.