The governor’s office deep in the Bank of England has access to a pretty private courtyard garden. In need of thinking space when economic storms swirl outside, the most powerful unelected person in Britain can stroll among four mulberry trees planted in recognition of the fact that the earliest banknotes were made from the bark.
But Andrew Bailey, the 121st occupant, is unlikely to have found solace there last week, despite the mostly sunny weather.
The Bank is in its gravest crisis since New Labour granted it independence 25 years ago. It has been behind the curve in forecasting inflation, which is expected to surge past 10 per cent this year as Russia’s invasion of Ukraine keeps energy prices high, piling pain on consumers.
Andrew Bailey gave evidence to the Treasury select committee at the Commons
PA
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