Follow NFSC News on Gettr | Gnews on Gettr
Translated by MOS English Team -Mark Wen,Juliet

UK Business Secretary Kwasi Kwarteng said in an interview that while central bank governor Andrew Bailey “does things reasonably” in difficult times, the central bank’s failure to keep inflation under control was “a problem”.

Image Source: bbc

Economists expect UK inflation to hit 9% in April, which is the highest in 30 years. The surge in inflation illustrates the impact of the epidemic and the situation in Russia and Ukraine on the UK.

The Bank of England’s CPI target is 2%.”We went through Covid-19 and our economic activity soared after the lockdown was lifted, and then of course this Russia-Ukraine conflict that broke out in Europe for the first time in 70 years,” Kwarteng said, “Bailey does the right thing, but it’s safe to say that 2% is their job and they have to maintain 2% inflation.”

Image Source: yahoo

Members of Prime Minister Boris Johnson’s cabinet are understood to have launched an “unprecedented attack” on the central bank’s approach to the economy and its independence. Kwarteng’s answer above is for this. The Bank of England has raised official interest rates to 1% four times since December, while inflation has been above target since August 2021.

Reference:
https://gnews.org/post/p2541680/

Edited by:  MikeHua
Posted by: Peter Chen

For more information, please follow us at:
NFSCNews | Gettr
Gnews | Gettr
New York MOS Himalaya | GETTR
New York MOS Himalaya |YouTube
Free to Join New York MOS Himalaya | Discord