The Telegraph published this video item, entitled “Coming up: Bailey questioned as Bank of England accused of being ‘slow off the mark’ on inflation” – below is their description.
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The Bank of England has been “slow off the mark” raising interest rates to combat inflation, a former minister has said, raising pressure on Andrew Bailey to get a grip on the cost-of-living crisis.
Mel Stride, chairman of the Treasury Select Committee, said the Bank failed to spot the emerging “wage-price spiral”, heightening the risk that the Monetary Policy Committee will have to raise interest rates more rapidly to cool the economy.
Echoing comments he made to the Telegraph last week, Mr Stride told BBC Radio 4: “The area where you can criticise the Bank, and we will be pressing the Governor hard this afternoon, is what has been happening in the labour market, which has become very overheated, and I think we are not in the foothills of a wage-price spiral, with wages chasing higher prices, leading to higher wages in turn.
Read the full article here: https://www.telegraph.co.uk/business/2022/05/16/andrew-bailey-faces-scrutiny-bank-england-accused-slow-mark/
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