Incoming BoE rate setter Greene warns high inflation will be hard to fix

Speaking to MPs at the TSC

New member of the Monetary Policy Committee Megan Greene has flagged the difficulties the Bank of England will have in getting inflation back down to its 2% target.

Greene, who is an American economist, spoke in front of MPs on the Treasury Select Committee today (13 June), ahead of joining the MPC next month as an external member. The former chief economist at risk consultants Kroll told the committee at her pre-appointment meeting: "I think that there is some underlying persistence and so getting from 10% to 5% is probably easier than getting from 5% to 2%." UK inflation rose by 8.7% in the 12 months to April, as measured by the Consumer Prices Index (CPI). This was down from 10.1% in March, but was still jointly the highest reading among G7 co...