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It’s not the Bank of England’s job to support the Chancellor
Tuesday 05 May 2026 5:22 am | Updated: Monday 04 May 2026 3:04 pm
It’s not the Bank of England’s job to support the Chancellor
By: Paul Ormerod
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Add as a preferred source on GoogleThe Bank of England, headed up by Andrew Bailey, held interest rates last week
the Bank of England’s MPC is acting as if its role is to support the Chancellor and protect the real economy, rather than control inflation, writes Paul Ormerod
The Bank proclaims on its website that “We set monetary policy to achieve low and stable inflation. This is our primary monetary policy objective”. It goes on to note that in practice this means “keeping inflation at two per cent over the medium term”.
Taking the broad measure of inflation, the consumer price index (CPI), the last time it was below two per cent was in September 2024, at 1.7 per cent. But that was the only month in the past five years when this was the case.
In April 2021 inflation was 1.5 per cent. By the end of that year it had risen to 5.4 per cent. It rose almost throughout the whole of 2022, finishing the........
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