BUSINESS LIVE: Bank of England ready to raise rates, oil surges north of $80

BUSINESS LIVE: Bank of England ‘ready to raise rates’; Oil Rising North of $80; easyJet raises £1.2bn for recovery financing

Bank of England governor Andrew Bailey has said all members of the bank’s monetary policy committee are ready to raise interest rates faster than expected if necessary, with the potential for a hike before the end of 2021.

In a speech last night, Bailey adopted a cautious tone as he warned of the ‘hard yards’ facing the UK as the economic recovery from the pandemic grinds to a halt.

Oil markets are up for the sixth straight day, reversing previous losses as Brent oil futures rose 1.8 percent Monday to their all-time high since October 2018 at $80.35 a barrel.

Profits are driven by supply shortage concerns, in addition to rising liquefied natural gas and coal prices

EasyJet has received shareholder acceptances for 93 percent of the new shares it has sold as part of a £1.2 billion rights offering to fund recovery from the pandemic.

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Andrew Bailey said the BoE is poised to raise interest rates faster than expected if necessary