What Worries BOE Officials Now Is Jobs, Not the Inflation Threat

The Bank of England is moving to tamp down talk about rising interest rates and inflation, focusing attention on risks to the U.K. economy as it struggles to emerge from lockdown.

A majority of the central bank’s policy makers, led by Governor Andrew Bailey, have spent the past two weeks pointing out that slack in the economy. That includes unemployment that’s likely to rise and remain high for months to come, indicating little to push up the pace of consumer price gains.