Bank of England committed to reducing inflation to 2% despite current challenges

Bank of England Governor Andrew Bailey has reiterated the central bank's commitment to its target of reducing inflation to 2%. Despite facing challenges in achieving this target, with inflation currently at 8.7%, Bailey emphasized the importance of clarity and avoiding confusion about the goal. The comments suggest that the Bank of England may continue to raise interest rates aggressively, even if it risks pushing the economy into a recession.