JEREMY Hunt today blasted the Bank of England’s boss for dismal inflation rate forecasts.
The Chancellor scolded Andrew Bailey, who has been accused of failing to tackle spiralling prices.
Jeremy Hunt scolded Bank of England boss Andrew Bailey, who has been accused of failing to tackle spiralling prices
Interest rates were put up 0.5 percentage points to hit 5 per cent last week, the 13th consecutive rise since December 2021.
Inflation remained stuck on 8.7 per cent.
Mr Hunt said the Bank’s forecasting had “not been accurate”.
He also told MPs banks should pass on interest rates rises to savers.
Mr Hunt indicated that banks should pass on interest rates rises to savers.
He told MPs: “If more people are encouraged to save, that is technically counter-inflationary and is something to be encouraged.”
The Chancellor said: “I raised that issue in no uncertain terms with the banks when I met them.
“I am working on a solution because I think it is an issue that needs resolving.”
Meanwhile, PM Rishi Sunak hinted he would block public sector pay rises as inflation remains stubbornly high.
He said he would have to make decisions “people may not like” to halve the rate.
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