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Bailey speech: Confident BOE will respond to price shock
Bank of England (BOE) Governor Andrew Bailey is testifying alongside several Monetary Policy Committee (MPC) members on inflation and the economic outlook before Parliament's Treasury Committee on Wednesday.
Also read: Bailey speech: On the exchange rate, there are dollar-specific factors at work
Key quotes
I don't think money supply is a direct indicator of inflation.
Direct relationship between money supply and inflation broke down years ago.
Inflation target is very important for the UK.
UK inflation-targeting regime has not failed.
Confident BOE will respond to price shock.
Good practice to review central bank approach from time to time.
Review is not a recognition that BOE regime is failing.
Current inflation overwhelmingly caused by Russia’s impact on energy prices.
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