Bank of England Governor Andrew Bailey: feeling the inflation heat
(Picture: PA Wire)The Bank of England, and indeed the public, are in a bind. Inflation seems to be running away from the central bankers, who some say just didn’t move quickly enough to raise interest rates.
The Bank has seemed to acknowledge that itself, tuning down the previous rhetoric that inflation was a global matter outside of its control. Governor Andrew Bailey was arguing that raising borrowing costs wouldn’t do anything to lower energy prices. Lately the stance has been that the Bank has to do something, and, perhaps, be seen to do something, with interest rates one of the few real levers at its disposal to pull.
