
Andrew Bailey’s subtle wage spiral warning
Treasury select committee meetings are not usually the stuff of great television. But this morning, it was. The Bank of England’s governor Andrew Bailey was up as a witness to give evidence on recent Monetary Policy reports. And the committee’s new chair, Harriett Baldwin, came ready to highlight where (many) mistakes had been made. Starting with where we are today – inflation still over 10 per cent, five times the Bank’s target – Bailey was forced to sit and listen to his own record over the past eighteen months. Beginning in May 2021 and moving into that autumn, Baldwin quoted his own warnings about ‘very hot areas of prices’ back
