Inflation could soar above 10% this year and last until 2024, the ex-Bank of England chief economist fears
Andy Haldane warned LBC's Nick Ferrari at Breakfast that the economic turmoil had surpassed even his worst expectations.
"This isn't a new thing, even this time last year... I was worried that price pressures were bubbling up. As it's turned out things have even surpassed my worst expectations."We're now looking prospectively at double digit interest rate of inflation, which is not quite getting back to the 1970s but getting on that way."
Mr Haldane said he wanted a "slight touch on the brake – or even a slight reduction of pressure on the accelerator – a bit sooner". "Do I wish we'd done a little bit more a little bit sooner to tighten things up so there wasn't quite as much money chasing quite as many goods, which of course is what brings about rises in inflation in the first place? Yes, I do wish there had been slightly more prompt action."Rattled Starmer pulls out of major speech amid Beergate 'hypocrisy' claims
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