The writer is UK economist at Morgan Stanley
With inflation higher than it has been in decades, there is no shortage of critics of the Bank of England. Still, the bulk of the blame seems largely unfounded.
The BoE has been criticised for being too slow to raise rates and doing too little since. But the central bank was dealt a particularly bad macroeconomic hand to play.
An earlier, tighter policy regime would have had only a limited effect in damping current inflation, and under the circumstances, the BoE’s monetary policy course might be the best choice among a set of difficult options.
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