Cost of Living: Expert on Andrew Bailey’s comment

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Andrew Bailey, addressing MPs on Monday, said that amid rising energy bills and the war in Ukraine it is a “very, very difficult place for us to be in.” Fellow Monetary Policy Committee members Dave Ramsden and Michael Saunders added that external factors had contributed to about 80 percent of the recent inflation surge, insisting that even if inflation rates had been raised more aggressively, inflation would have been unlikely to fall back to the target of two percent. Following a barage of attacks from Tory MPs on the Bank of England for its handling of the cost of living crisis, Mr Bailey admitted the bank was facing its biggest test in its 25 years of independence.

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‘Very difficult’ Bank of England boss claims to be ‘helpless’ as prices spiral

The governor of the Bank of England has claimed that he is helpless in protecting Britons from surging inflation.

Andrew Bailey, addressing MPs on Monday, said that amid rising energy bills and the war in Ukraine it is a “very, very difficult place for us to be in.”

Fellow Monetary Policy Committee members Dave Ramsden and Michael Saunders added that external factors had contributed to about 80 percent of the recent inflation surge, insisting that even if inflation rates had been raised more aggressively, inflation would have been unlikely to fall back to the target of two percent.

Following a barage of attacks from Tory MPs on the Bank of England for its handling of the cost of living crisis, Mr Bailey admitted the bank was facing its biggest test in its 25 years of independence.

Good morning

Good morning, I’m Olivia Stringer and I’ll be bringing you all the latest developments on inflation for the next eight hours. Please feel free to get in touch with me as I work if you have a story or tips to share! Your thoughts are always welcome.

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