The Bank of England will need to raise interest rates to 2.5 per cent and keep them there until the middle of the decade in order to bring soaring inflation under control, according to a leading think-tank.
The BoE’s monetary policy committee report released last week suggested that 2.5 per cent rates would lead to inflation undershooting its 2 per cent target, heavily implying that price stability could be achieved without raising rates to this level.
But according to Stephen Millard, deputy director at the National Institute of Economic and Social Research think-tank that produced the forecast, the BoE could be overestimating how far demand headwinds will curb inflation.
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