Andrew Bailey today denied the Bank of England has been ‘asleep at the wheel’ on inflation as he faced a roasting from MPs.
The Governor lashed out at criticism in ‘hindsight’ but conceded the Bank is facing the biggest challenge to its structures for 25 years as he gave evidence to the Treasury Committee on the slow response.
Threadneedle Street has been urged to admit a ‘mistake’ in holding off earlier action, having insisted for months that inflation was ‘transient’.
In tetchy exchanges, chair Mel Stride asked whether the Bank had been ‘asleep at the wheel’.
But Mr Bailey said the…