- Inflation is biggest challenge faced over the past quarter of a century
- Inflation forecast to rise into double digits
- Potential for second-round effects is obvious
- We still have some way to go in tightening
- Not yet taken decision on whether to commence gilt sales
That does reaffirm that the BOE is still on the tightening path but the challenge remains whether or not they can stick with it later in the year when recession risks start to crop up.
