Bank of England Governor Andrew Bailey rejected the need for an inflation target higher than 2%, warning that changing the goal could damage the bank’s credibility and “unpick expectations.” He told a conference in Aix-en-Provence in France that the BOE can be flexible about timing but that it’s “absolutely critical that that flexibility isn’t confused with people thinking we are not pursing 2% any more.” The BOE is struggling to get inflation down amid signs that it’s becoming entrenched. Annual consumer-price gains are now at 8.7%, over four times the central bank’s remit, and the highest of the Group of Seven ... (full story)