Bank of England warns of ‘apocalyptic’ food price rises because of Ukraine war
Daily Express says BRITAIN faces “apocalyptic” food bill rises due to the war in Ukraine, the head of the Bank of England warned yesterday. Andrew Bailey told MPs that inflation was out of the Bank’s control when confronted by unforeseen events such as Vladimir Putin’s invasion.
Governor Mr Bailey fears a further inflation surge is a “major worry” as the conflict disrupts supplies of wheat, cooking oil and other essentials from the region.
He urged high-earning UK employees not to demand bumper pay rises, to reduce the threat of a damaging wage-price spiral.
But £575,000-a-year Mr Bailey admitted the bank’s policy chiefs have felt “helpless” in the face of soaring price rises.
He said: “It’s a very, very difficult place for us to be in. This is a bad situation.” He delivered his grim forecast for the UK economy to the Commons Treasury Committee yesterday, adding that 80 percent of the factors which are pushing up prices come from overseas.
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