Andrew Bailey hits back at claims Bank of England too slow to raise interest rate

Bank of England Governor Andrew Bailey has hit back at growing claims he was too slow to respond to the threat of inflation as the Tory leadership contenders clashed over the best way to avert the looming economic crisis.

The central bank on Thursday issued a gloomy forecast for Britain’s economy, warning the country will slide into a 15 month recession later this year, as inflation soars to an eye watering 13 per cent and unemployment rises.