Bank governor accuses UK retailers of overcharging on petrol and other goods

Unnecessarily high fuel prices will have to be tackled to help reduce inflation, suggests Andrew Bailey

The governor of the Bank of England has accused retailers of putting further strain on households by overcharging consumers on petrol and other goods at a time when UK authorities are struggling to curb inflation.

Andrew Bailey suggested unnecessarily high fuel prices would have to be tackled in order to help bring inflation - which is above 8% - back to the Bank's 2% target and give some relief to families struggling with the cost of living.