Bank of England chief warns over ‘apocalyptic’ food price rises
Governor Andrew Bailey said he felt helpless as he defended the Bank’s monetary policy despite soaring inflation.
Governor Andrew Bailey said he felt helpless as he defended the Bank’s monetary policy despite soaring inflation.
The Bank believes a squeeze on living standards, driven by soaring energy prices, is set to intensify and push the UK economy into recession later this year.
The Monetary Policy Committee voted 8 - 1 to increase Bank Rate in March, for the third time in four months, to 0.75%.