BRITAIN faces “apocalyptic” food price rises and fuel bill shocks, the Bank of England says.
But boss Andrew Bailey, 63, insisted he was helpless to defend against sky-high inflation — set to hit ten per cent by the end of the year.
1
Top Tories have criticised the Bank for letting inflation spiral out of control, with Mr Bailey accused of being “asleep at the wheel”.
But he claimed his team could do little to combat the economic crisis squeezing millions and insisted: “We can’t predict things like wars.”
Ukraine — one of the largest producers of wheat, maize and cooking oil — cannot get products out of the country due to the Russian invasion.
Mr Bailey said: “It is a major worry for this country.
“Sorry for being apocalyptic but that is a major concern.”
Food prices have already risen by nearly six per cent this year.
And he warned MPs a huge drop in consumer spending and rising inflation would see people lose their jobs.
The bank boss — who is paid £575,000 a year — again said high earners should reflect before demanding a pay rise.
