Bank of England governor Andrew Bailey has suffered slings and arrows for sitting on his hands as energy prices climbed.
Since the outbreak of conflict in the Gulf in February, Brent crude prices have gone up by 65 per cent, UK wholesale gas prices by 150 per cent and diesel by 40.5 per cent.
The remarkable thing is that the Bank of England has looked through the supply shock and held rates at 3.75 per cent.
In a breakfast session with bankers at the Institute of International Finance in Bangkok, Bailey didn’t sound as if he was aching to put up rates.
There had
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