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UK inflation likely to exceed 5% in 2022, says Bank of England
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The Bank of England’s monetary policy chief has warned that inflation is likely to soar “comfortably” above 5% next year when the energy regulator Ofgem raises a price cap affecting millions of households.
Record high levels of vacancies are also likely to persist for longer than previously expected as the jobs market adjusts to changes in the economy brought on by the pandemic, said Ben Broadbent, the central bank’s deputy governor with responsibility for monetary policy.
The uncertainty surrounding the impact of rising wage demands by workers seeking to protect themselves against falling living standards meant he was continuing to watch for signs of a wage/price spiral.
“If wage earners’ expectations of future inflation rise in response, or
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