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Kristy Dorsey: Food price caps are gimmickry of the highest order
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What a difference a year makes. Speaking in May 2022 at a conference in Vienna, Bank of England Governor Andrew Bailey hit back at critics who accused him of being asleep at the wheel as inflation was taking off. Noting that the nature of the shock of the Covid pandemic meant higher interest rates could damage the economy, he said elevated energy prices would depress consumer spending and allow the central bank to take a less aggressive approach to raising interest rates which at that time were pegged to a base rate of 1 per cent.
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