The Bank of England will “deliver inflation back to its 2% target”, its chief economist has pledged, despite the challenges it faces from rising food and energy costs and a fall in the value of the pound that has made both more expensive.
Huw Pill said he wanted to make plain to the public that the central bank’s single purpose at the moment was to bring down the rate of price growth, in a clear hint that more interest rate rises are on the way.
