Sky's Paul Kelso speaks to the governor for an explanation as the Bank inflicts more pain on millions of borrowers to help control a price problem that is largely outside its control.
"We have 25 people employed in the powder coating division, we have been doing this since 1983 and we have had highs and lows with various recessions, but this is something different, we've never experienced anything like this when such a catastrophic cost is going to hit the company.
Governor Andrew Bailey told me they're acting now to prevent the impact of energy inflation being baked into domestic prices when prices fall. Mr Bailey says there is already evidence of domestic inflation taking root in Britain's tight labour market, where there are more vacancies than job-seekers, forcing wages up by a predicted 6% this year.
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