BUSINESS LIVE: Bank of England ready to raise rates, Oil rises north of $80

BUSINESS LIVE: Bank of England ‘ready to raise rates’; Oil rises north of $80; easyJet raises £1.2bn recovery funding

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

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

Oil markets have climbed for a sixth consecutive day, reversing earlier losses, as Brent crude futures surged 1.8 per cent on Monday to their highest since October 2018 at $80.35 per barrel.

Gains are being driven by concerns over tight supply, in addition to surging prices of liquefied natural gas and coal

EasyJet has received acceptances from shareholders for 93 per cent of the new shares it sold as part of a £1.2billion rights issue aimed at funding its recovery from the pandemic.

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Andrew Bailey said the BoE is ready to raise interest rates more quickly than expected, if necessary