Bank of England's Bailey says he hopes UK rates are near peak

Bank of England Governor Andrew Bailey said on Thursday that he hoped British interest rates are now near their peak, after the central bank raised them for a 12th meeting in a row.

"We are approaching the point when we should be able to set to rest in terms of the level of rates," Bailey said in an interview with Bloomberg TV.

Bailey added that the BoE did not yet have enough economic evidence to know whether it would need to raise rates further.