It is time for Rishi Sunak to fully back the Bank of England, which means avoiding making politics out of monetary policy
If they do it results in a wage-price spiral, where wages keep going up to meet inflation and costs go up and up.
Sunak’s goal of halving inflation by the end of the year has meant businesses are focused on a rate of 5 per cent, rather than on the Bank’s official 2 per cent target., and if the data on core inflation doesn’t improve, there will be more increases to the base rate on the horizon, starting when the Bank meets next month.
It is time for the PM to fully back the Bank, which means avoiding making politics out of monetary policy.
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