After a bruising week, perhaps Andrew Bailey could take some solace in Rishi Sunak’s interview with Laura Kuenssberg this weekend. For a start, the Prime Minister threw his support behind the Bank of England governor, after senior figures within the Conservative party accused Bailey of being ‘asleep at the wheel’. But it was also a reminder that, no matter how bad things may seem at Threadneedle Street, they’re probably worse in No. 10.
When Bailey hits out at wages, it looks like another desperate attempt to deflect blame away from his own institution
Sunak is facing demands for proof that his plan for our economic recovery will work at a time when government debt as a proportion of GDP has reached its highest level since 1961, taxes are going up, productivity down, and growth remains stagnant. Insofar as this administration can control inflation, Sunak has said he is prepared to take unpopular steps on public sector pay.
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