In May 2021, as prices began to surge, the central bank forecast that inflation would be around 2% in the three months through June of this year. The central bank said the findings of the review will be published in spring 2024. Speaking to lawmakers last month, Bailey said the central bank had expected unemployment to rise in late 2021 after the government started withdrawing the help covering wage bills that it had given to businesses. The U.S. Fed and European Central Bank have also come under fire for having allowed prices to surge so quickly after the pandemic. The U.K. central bank followed that with 12 further rate rises and is expected to lift borrowing costs again in August.

Source: Wall Street Journal July 28, 2023 22:13 UTC