British Prime Minister Rishi Sunak said today that he has complete confidence in the Bank of England with regards to monetary policy. Bloomberg reports it. He makes the statements a day after the UK central bank delivered a higher-than-expected rate hike.
According to Sunak, the Bank of England has so far “managed adequately” for UK inflation, he told the BBC. “Inflation is the enemy we must defeat.”
Inflation in the UK remains extremely high, even as price pressure increases in the US and parts of Europe. Investors are now betting on an interest rate of 6.25% for the British central bank.
Open criticism
Some members of the British government have been openly critical in recent weeks as the Bank of England has attempted measures to fight inflation. Critics included Bank of England Governor Andrew Bailey, who critics said failed to recognize in time that post-pandemic inflation would be persistent. Sunak: ‘The Bank of England is doing the right thing and therefore has my support.’
Source: BNR
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