Inflation will come down ‘rapidly’ through 2023, insists Bank of England Governor

In an appearance before the treasury select committee today, Bank of England governor Andrew Bailey instead that “inflation [will] come down rapidly this year”. Mr Bailey was under pressure from committee chair Harriett Baldwin to explain the Bank’s approach to inflation, with price rises well beyond target levels.

Ms Baldwin said: “How can people feel confident, though, that the Bank of England has made the right judgements at the right time in this period of time? And I note that in terms of public polling, that there’s now, you know, quite a high level of dissatisfaction with the track record of the bank”.