No 10 has reiterated its support for the independence of the Bank of England this afternoon.

The remarks come after the Telegraph’s claims that unnamed Cabinet ministers have hit out at the Bank of England’s failure to accurately predict inflation rates.

UK inflation is set to hit 10 per cent by the end of 2022, far above the Bank’s forecasted 2 per cent.

Quizzed at today’s lobby briefing over whether the Bank had sufficiently dealt with soaring prices, a No 10 spokesperson: “The Bank of England has independence over monetary policy, it is not for the Government to comment on the conduct or effectiveness of its monetary policy.

“We are fully committed to its independence and to the two per cent inflation target but we also recognise that inflation will sometimes deviate from that target as a result of global shocks and disturbances.”

Earlier today Conservative MP Mel Stride, who chairs the Treasury Select Committee, told BBC Radio 4’s Today programme that the UK “need an independent central bank.”

“I certainly hope not because one of the really good moves in the last 25 years has been that the Bank has been independent so it is not politicians who are setting interest rates, not politicians that are setting those rates in line with the political cycle, trying to stoke up the economy ready for a general election,” he went on.