Andrew Bailey continues to underwhelm.
This time his foray into the limelight allowed him to wax lyrical about the need for interest rate rises to curtail demand and hence inflation. He then went on to note that:
"What we have to do is ensure that in the meantime that there isn't more inflation pressure domestically.
That would come for instance from things like wage bargaining."
That is all very well and lovely except:
1 He is on a salary of over £500K
2 The current inflation is down to supply side constraints gradually being unwound after the pandemic
3 A large chunk of the forecast inflation will be caused by energy price rises (which are outwith the average consumer's ability to control or limit by reducing demand).
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