Central Banks
BOE’s Forecasts Under Fire From Former UK Rate Setters
- Concern that rates must rise much higher to rein in inflation
- Deputy Governor Broadbent target of strongest criticism
City workers stand in view of the Bank of England in the City of London, UK.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Five former Bank of England rate setters have attacked their old employer for going soft on inflation despite hiking borrowing costs last Thurday to a 14-year high.
John Vickers, a former chief economist who joined the central bank in 1998, will say in his Beesley lecture in London on Wednesday night that the central bank has fallen short and must be bolder to bring inflation back to the 2% target.