The Bank of England has made “serious mistakes” in the fight against inflation and is facing a prolonged bout of painful price rises unless it acts immediately, its former Governor Lord King has warned.
Officials at Threadneedle Street fuelled a surge in prices with a money printing spree during the Covid pandemic, the crossbench peer said.
Seriously, who knew? If you have lots more money chasing the same number of goods and services, how could that produce inflation?
Hey, it’s even possible that it was the right thing to do – utility maximising and all that – but the surprise is still a bit difficult to swallow.