Rising inflation unlikely to be headache for Bank of England but will influence policy

How and when to unwind some of emergency stimulus will be on agenda

• UK inflation rises as price of food and furniture increases
• Business live: UK inflation rises to 0.7% in January

The UK government has had plenty of economic problems to worry about over the past year but rising inflation has not been one of them. Repeated lockdowns and the shift to online shopping have helped keep price rises in check.

That period is now coming to an end. By the standards of the past - the mid-1970s, say - inflation is going to remain low this year. Unless things go badly awry, it should not become a real headache for the Bank of England. But it will start to influence policy.

Having considered Woodford's recent record, is the FCA really going to approve his latest planned venture?