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BOE’s Bailey Warns of Potentially Damaging Inflation for U.K.
Bank of England Governor Andrew Bailey warned of a potentially “very damaging” period of inflation for British consumers as the resumption of pre-pandemic spending habits puts pressure on supply chains. In an interview with the Yorkshire Post, Bailey said U.K. inflation would exceed the bank’s previous forecasts. A flurry of news last week undercut the BOE’s original view that much of the jump in prices will prove transitory, and comes amid growing bets that spiking inflation will force the BOE to hike interest rates in the near future. “Obviously I am concerned with inflation above target,” Bailey said ... (full story)