Saturday, July 2, 2022

The Bank of England has few good options for taming inflation

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The Bank of England is faced with a thankless task at the moment. Whatever she does with interest rates, she will be criticized.

Its main task is to tame inflation and slow the rise in prices of essential goods, which is causing great pain to people across the country.

The problem for the bank is that it really has only one lever to pull – raising interest rates – and that is likely to cause more economic pain while the UK teeters on the brink of recession. However, doing nothing could be worse. There are few good options.

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