Andrew Bailey has warned of a sharp rise in interest rates next month to try to curb inflation.
The governor of the Bank of England predicted that tough measures would be needed in the face of rising energy and other prices.
The Bank will meet on 3 November where it will set out its response to the government’s fiscal statement on 31 October.
In a speech to be delivered in Washington this morning (Saturday), Mr. Bailey said: “At that time we will know the full extent of fiscal policy. But I will repeat what we have already said.
“We will not hesitate to raise interest rates to meet the inflation target.
“And as things stand today, my best guess is that inflationary pressures will require a stronger response than we may have thought in August.”
In September, the Bank raised rates to a 14-year high of 2.25%, following an earlier increase in August.
Bailey called for “a great deal of stoicism” as economies grapple with the ripple effects of Russia’s war in Ukraine, which has pushed up energy costs due to restrictions on Russian gas supplies .
“We should start by recognizing that, as difficult as each of our positions is, this is nothing compared to the suffering inflicted on the people of Ukraine,” he added.