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Former Bank of England (BOE) Chief Economist Andy Haldane warned in an LBC interview on Monday that inflation could go even higher than the 10% predicted and could persist for years.
Additional comments
“Things have passed my worst expectations.”
“I think it is certainly going to last the duration of the year, and into next or even the year beyond.”
“Had we done that, we probably wouldn’t be talking about rate rises as big or as rapid as we are now.”
“We have a whole generation of mortgage holders who have scarcely seen a rise in interest rates. It will be a massive shock to the system not only financially, but psychologically.”
His comments come as the UK businesses called for an immediate emergency budget to deal with soaring costs, including the reversal of the recent National Insurance increase.
Market reaction
GBP/USD was last seen trading at 1.2278, down 0.44% on the day.