Andrew Bailey deflects blame for soaring inflation on to global ‘shocks’
FT News says Bank of England governor Andrew Bailey on Monday said he was unable to stop UK inflation hitting 10 per cent this year, as he admitted sounding “apocalyptic” on food price rises.
After senior Tory MPs last week attacked the BoE over its handling of soaring price increases, Bailey accepted inflation was far too high but blamed global shocks including Russia’s invasion of Ukraine.
Speaking about future risks, Bailey raised concerns about food prices. “The [risk] I’m going to sound I guess rather apocalyptic about is food,” he told the House of Commons Treasury select committee, saying that Ukraine’s inability to export its crops were “a major worry for this country”. Ukraine is a big producer of grains including wheat and sunflower oil.
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