Bank of England blame Russia for high inflation

Governor of the Bank of England, Andrew Bailey says that external factors like Russia are really to blame for the economic crisis, but that the current regime “is working”.

He said that we cannot compare our economy with the US as they “haven’t had the trade-off” of the impacts of the Russo-Ukrainian war.

Liz Truss sad during her campaign that inflation was caused by “excessive money supply”, something which Bailey rejected as an outdated view.