Bank of England 'helpless' to steady spiralling inflation

Speaking at the Treasury Select Committee, Bailey was asked by Conservative committee member Gareth Davies if he had felt "a bit helpless" over the past months as inflation has spiralled well beyond the bank's 2% target, which the governor accepted. Bailey said: "Yes, it is more than uncomfortable… it is a very difficult place for us to be. "To predict 10% inflation and then say… there is not a lot we can do about 80% of it is an extremely difficult place to be." He had earlier attributed the 80% of the factors around rising inflation to disruptions caused to food and energy market...