Bank of England Gov. Andrew Bailey on Monday rejected criticism that the institution didn’t move quickly enough to quash inflationary pressures, telling a parliamentary committee that monetary policymakers weren’t able to predict wars.
Bailey has come under sharp criticism in recent months as the U.K.'s annual inflation rate soared to 7%, the highest in more than 30 years. But Bailey said it was only in hindsight that the unprecedented sequence of shocks to the economy — including Russia’s invasion of Ukraine in February and the lingering COVID-19 pandemic — could have been managed differently.
