Earlier this week, new figures revealed that Britain’s inflation rate rose 2.5 per cent in the year to June.
People’s cash savings are being rapidly eroded and many are paying higher prices for everything from fuel and clothes to dining out and used cars.
Today, the House of Lords economic affairs committee has said the Bank of England needs to provide a better justification for believing the rise is temporary.
The committee also said the Bank had, to date, failed to justify its flagship quantitative easing policy.
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