Bank's Miles says he sees inflation moving towards target by early 2014

(Source: Reuters)

David Miles, a member of the Bank of England's monetary policy committee, has said that the UK has experienced an "extremely sharp recession and pretty anaemic recovery".

Speaking to the Belfast Telegraph, Miles said that he believed inflation wouldn't approach the Bank's two per cent target until early 2014:

We are now back to slightly under 3% and I think it will hover around this level for a good part of this year – but it's more likely than not that as we go into next year, inflation will be quite close to 2%.

(Belfast Telegraph)

Allister Heath has argued that low growth and above target inflation are pummeling take home pay: