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Kwarteng: Inflation level clearly 'an issue'

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Business Secretary Kwasi Kwarteng says it is clearly “an issue” that the Bank of England is failing to meet its inflation target. He said that while Governor Andrew Bailey is doing a “reasonable job” in difficult circumstances, the 2% target was part of the Bank’s mandate “and they have to keep it to 2%.” He told Sky News’s Sophy Ridge on Sunday: “Inflation is running into almost double digits now. That is an issue, clearly,” before noting that these are “completely unprecedented times.” Mr Kwarteng also addressed the issue of inflation in an interview with the BBC’s Sunday Morning, saying it would be “very difficult” to get inflation back down to 2% but noting that “most countries in the world are running high single digit, some even double digit, inflation, but they (the Bank) have done a very good job.” He went on to add that Mr Bailey “is a very respected, very capable, central bank governor and he’s doing all he can to deal with this issue.”

London Evening Standard The Guardian

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