Speaking before the UK Parliament's Treasury Select Committee, Bank of England Governor Andrew Bailey said that he is very uneasy about the inflation situation, according to Reuters. He added that the November decision was a very close call and that we now face much more two-sided risks.

Bailey added that while the labour market looks very tight, the real puzzle is what happens at the end of the government's furlough scheme (which ended at the end of September). Bailey noted that early anecdotes suggest that the end of the furlough scheme has not raised unemployment.