Sorrell pictured with literary agent Caroline Michel
Sir Martin Sorrell has taken aim at the Bank of England over its delay in hiking interest rates to tackle inflation.
The founder of ad agency S4 Capital told the Mail that the central bank was ‘behind the curve’ when faced with soaring prices.
His scrutiny comes after senior Tory MP David Davis questioned over the weekend whether the Bank of England should remain independent due to its failure to predict inflation.
The rate has already risen to 9pc, and governor Andrew Bailey has predicted it will go beyond 10pc later this year, its highest since the 1980s.
When asked about the Bank’s interest rate measures, Sorrell said: ‘We can’t live in a world where inflation is 7-8-9pc, so they had to take action.
‘It is fair to say that they were behind the curve or behind the rate at which they should do it. ‘I think the central banks are probably doing the right thing, but if they over-correct we will have a hard landing.’ S4 yesterday reported a 70pc rise in revenues to £206.8m for the first quarter, while profits also jumped 35pc to £171m.
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