Andrew Bailey told peers on the Economic Affairs Committee that the Bank's forecast is for inflation to 'pick up' in the very near future as the economy bounces back as lockdown is eased. Meanwhile, Mr Bailey also revealed that he spoke to Chancellor Rishi Sunak every day during the height of the coronavirus pandemic last year. Andrew Bailey told peers on the Economic Affairs Committee that the Bank's forecast is for inflation to 'pick up' in the very near future as the economy bounces back as lockdown is eased. Mr Bailey told peers this afternoon: ‘We have just produced a monetary policy report 12 days ago. Mr Bailey today revealed that his 'daily' conversations with Mr Sunak were 'dominated' by the pair trying to understand coronavirus.

Source: The Nation May 18, 2021 18:00 UTC