Bank of England 'helpless' to steady spiralling inflation

‘We just have to live with it’

Bank of England governor Andrew Bailey has admitted he feels “helpless” to prevent inflation, which is forecast to top 10% in the fourth quarter of 2022.

Speaking at the Treasury Select Committee, Bailey was asked by Conservative committee member Gareth Davies if he had felt "a bit helpless" over the past months as inflation has spiralled well beyond the bank's 2% target, which the governor accepted. 'Things are only going to get worse' as UK economy contracts in March Bailey said: "Yes, it is more than uncomfortable… it is a very difficult place for us to be. "To predict 10% inflation and then say… there is not a lot we can do about 80% of it is an extremely difficult place to be." He had earlier attributed the 80% of the factor...