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BoE’s COVID policy not to blame for inflation, Bailey says

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© Reuters. FILE PHOTO: Governor of the Bank of England Andrew Bailey adjusts his glasses as he addresses the media on the Monetary Policy Report at the Bank of England in London, Britain May 5, 2022. Frank Augstein/Pool via REUTERS

VIENNA (Reuters) – Britain’s current surge in inflation is not the fault of the Bank of England and the stimulus it provided during the COVID-19 pandemic, Governor Andrew Bailey said on Monday.

“What I reject is the argument that in our response to Covid the Bank’s Monetary Policy Committee let demand get out of hand and thus stoked inflation. The facts simply do not support this,” Bailey said at a conference on inflation hosted by Austria’s central bank.

BoE’s COVID policy not to blame for inflation, Bailey says

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