Bank of England governor warns high pay and price rises will fuel inflation – business live

People who can’t offset the effects of inflation will be very badly affected by current crisis, Andrew Bailey warns unions and businesses

Andrew Bailey has denied that the Bank acted too late to tackle the UK’s inflationary threat, following criticism from allies of Liz Truss.

No-one knew a year, two years ago, that there would be a war in Ukraine, he tells the Today Programme.

“If you go back two years, which is, given the monetary transmission mechanisms, where we’d have to go back to, given the situation we were facing at that point in the context of Covid, in the context of the labour market, the idea that at that point we would have tightened monetary policy, you know I don’t remember there were many people saying that.”

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