Bank of England not to blame for soaring inflation, says governor

Andrew Bailey defends response to Covid pandemic and indicates Bank will not take aggressive approach to raising interest rates

The governor of the Bank of England has hit back at critics who accused him of being asleep at the wheel while inflation soared and a cost of living crisis hit UK living standards.

Andrew Bailey said the nature of the shock meant higher interest rates could damage the economy, which recovered slowly from the pandemic during 2021.