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Bank of England admits helplessness against inflation
By James Warrington and Giulia Bottaro
The Telegraph, London
Monday, May 16, 2022
The governor of the Bank of England has claimed that policy makers have been left helpless in the face of surging inflation.
Appearing in front of MPs today, Andrew Bailey admitted he had felt helpless to control soaring prices amid an energy market shock and the war in Ukraine, adding: "It;s a very, very difficult place for us to be in."
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Fellow Monetary Policy Committee members Dave Ramsden and Michael Saunders said external factors contributed around 80% of the recent inflation surge and insisted that even if the bank had raised interest rates more aggressively, it's unlikely inflation would have fallen back to the target of 2%.
The hearing comes amid a slew of attacks by senior Tory MPs on the Bank of England for its handling of the cost-of-living crisis. ...
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