The head of the Bank of England has said there are “very big lessons” to learn about how the central bank has dealt with the economic shocks that have resulted in persistent double digit inflation and a cost of living crisis.
Governor Andrew Bailey’s comments represent a tone change from the Bank, away from defending actions, such as the pace and timing of interest rate rises, to acknowledging monetary policy has not been perfect.
Read More : Bank of England Recognizes the Importance of Adapting Monetary Policy to Handle Major Shocks