Andrew Bailey defends extended QE as inflation hits record highs

Wounds of Mini Budget still apparent

Eve Maddock-Jones
clock • 3 min read

Governor of the Bank of England Andrew Bailey has told MPs that a series of unexpected and continuous “shocks” since the start of Covid have continued to play a significant role in the record high levels of inflation.

Speaking at a Treasury Select Committee alongside several central bank colleagues, Bailey was grilled over the Bank's interest rate polices in the shadow of today's (16 November) inflation results and tomorrow's Autumn Statement. UK energy and food prices push inflation to 41-year high The Office for National Statistics revealed that inflation rose to 11.1% in October, a 41-year high for the UK. According to the ONS, rising energy and food costs were a big contributor, both factors Bailey addressed when asked what had gone wrong with the Bank's forecast modelling. He told Harriett ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

Trust in ONS data 'very low' as financial services turn to alternative sources
UK

Trust in ONS data 'very low' as financial services turn to alternative sources

Follows latest inflation blunder

Sorin Dojan
clock 23 June 2025 • 5 min read
Bank of England leaves interest rates unchanged
UK

Bank of England leaves interest rates unchanged

Next MPC meeting in August

Sorin Dojan
clock 19 June 2025 • 1 min read
Martin Currie's Dan Green: Celebrating three decades of AIM
UK

Martin Currie's Dan Green: Celebrating three decades of AIM

Appealing valuations

Dan Green
clock 19 June 2025 • 3 min read
Trustpilot