Bank of England Governor Bailey, at the ECB’s Sinatra Conference yesterday, suggested that UK interest rates could stay high for longer than markets are currently pricing.

He said “it’s core that’s the issue, it’s much stickier”. Core inflation excludes food and energy prices.

Issuers may want to consider the warning – and consider locking in the funds they need and/or consider their liability management options with respect to debt they currently have outstanding.