UK’s Sunak backs Bank of England after inflation criticism

LONDON (Reuters) – British finance minister Rishi Sunak gave the Bank of England and its governor Andrew Bailey – who have been criticised for the recent surge in inflation – his backing on Wednesday, saying they were focused on bringing down price growth. “It is the Bank of England’s role to control inflation, and they are rightly independent,” Sunak said in a speech to a Confederation of British Industry dinner. “Over the quarter century since we took monetary policy out of the hands of politicians, inflation has averaged precisely 2% and I know the governor and his team are completely focus…

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