Confidence in the Bank of England hits rock bottom Business

Public confidence in the Bank of England has fallen to a historic low in another setback for its governor, Andrew Bailey.

For the first time, more people are dissatisfied than satisfied with Threadneedle Street’s efforts to control inflation, according to the Bank’s quarterly inflation attitudes survey.

Only 25% of respondents said they were satisfied with the Bank’s performance, the weakest since the start of the survey in 1999.

The public is also the most pessimistic about inflation on record, anticipating price increases of 4.6% in stores over the next 12 months.

The results are mounting pressure on Mr Bailey and the Monetary Policy Committee, which is expected to hike interest rates to 1.25% when it meets next week.

Andrew Sentance, a senior adviser at Cambridge Econometrics and a former member of the MPC, said the Bank “hasn’t really communicated and demonstrated that it’s trying to control inflation”.

UK inflation hit 9% in the year to April, the highest in 40 years and four and a half times the Bank’s 2% target.

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This notice was published: 2022-06-10 14:16:26

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