Bank deputy expects UK inflation ‘comfortably’ to exceed 5% by spring

BoE monetary policy chief Ben Broadbent says pressures will include rise in energy price cap

The Bank of England's monetary policy chief has said inflation is likely to soar comfortably" above 5% next spring when the energy regulator Ofgem raises a price cap affecting millions of households.

Record high levels of vacancies are also likely to persist for longer than previously expected as the jobs market adjusts to changes in the economy brought on by the pandemic, said Ben Broadbent, the central bank's deputy governor with responsibility for monetary policy.