Is the Bank of England (BoE) a competent institution?
No.
But the central bank is at least forthcoming about its inflation fears.
Speaking in front of the House of Commons Treasury Committee on Monday, BoE Governor Andrew Bailey conceded that he felt “uneasy” about the inflation trends unfolding in Great Britain.
“I’m very uneasy about the inflation situation. I want to be very clear on that. It is not of course where we wanted to be, to have inflation above target,” he said.
“On the decision itself, however, it was a very close call in my view.”
The BoE anticipates that inflation would reach about five percent in the second quarter of 2022.
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