Andrew Bailey defends extended QE as inflation hits record highs

Wounds of Mini Budget still apparent

Governor of the Bank of England Andrew Bailey has told MPs that a series of unexpected and continuous “shocks” since the start of Covid have continued to play a significant role in the record high levels of inflation.

Speaking at a Treasury Select Committee alongside several central bank colleagues, Bailey was grilled over the Bank's interest rate polices in the shadow of today's (16 November) inflation results and tomorrow's Autumn Statement. UK energy and food prices push inflation to 41-year high The Office for National Statistics revealed that inflation rose to 11.1% in October, a 41-year high for the UK. According to the ONS, rising energy and food costs were a big contributor, both factors Bailey addressed when asked what had gone wrong with the Bank's forecast modelling. He told Harriett ...