Interest rate standstill
Julian Jessop quoted in The i
Julian Jessop writes for The Telegraph
“The remit does allow for some flexibility in response to temporary shocks, if the economic or financial costs of bringing inflation rapidly back to target would be too high. But the essential point is that the MPC’s job is to worry about inflation, not growth, and inflation is far too high.
“Unfortunately, the MPC currently lacks the confidence or the credibility to cut interest rates until it is certain that inflation is back under control. By then, it may be too late to prevent a prolonged slump.”
Read Julian’s full piece here.