How King Is Hoping Uk Can Ride Out Economic Tide ; the Bank of England Is On a Mission - to Control Inflation and Help the Country Ride Out the Economic Storm.

Summary

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The Bank of England and its governor Mervyn King embarked on a hearts and minds campaign yesterday to persuade MPs and a wider audience of pay bargainers and industrialists that they can and will drive inflation back to the Government's two per cent target.

Giving evidence to the Commons Treasury Select Committee, Mr King and colleagues from the Bank's interest setting committee insisted the present surge in prices of food, oil, electricity, gas and imports generally will be a one-off spike - provided it is not matched by a burst of pay increases for British workers and price rises by British manufacturers.

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How King Is Hoping Uk Can Ride Out Economic Tide ; the Bank of England Is On a Mission - to Control Inflation and Help the Country Ride Out the Economic Storm.

Michael Fallon, the committee's chairman, challenged Mr King that he had failed to hold down expectations of future in-flation. He pointed to a recen...

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