The Bank of England has come under growing criticism from Conservative MPs who claim the central bank has been too slow in tackling surging inflation.
Andrew Bailey, the bank’s governor, warned this week consumer price inflation, which already hit a 40-year-high of 9.4 per cent in June, will exceed 13 per cent by the end of the year.
Liz Truss, the foreign secretary and frontrunner in the race to become the UK’s next prime minister, said at one of the leadership hustings this week, that she wants to change the central bank’s mandate to ensure it controlled inflation. Here the FT looks at how the BoE performs its role and where it stands in relation to its peers.
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