More people in the UK than ever are dissatisfied with the Bank of England’s efforts to tame the cost of living, a closely watched survey published today reveals.
Just one in four Brits are happy with governor Andrew Bailey and co’s performance, the weakest level since records began in 1999, according to data from pollsters Ipsos commissioned by the Bank.
Households are increasingly pessimistic about Threadneedle Street’s ability to tame what is already the highest rate of inflation in 40 years.
The public thinks the rate of price rises will still be 4.6 per cent in 12 months’ time, up from 4.3 per cent three months ago.
The fresh data will turn up the dial on the committee of rate setters, who will announce their next decision on borrowing costs this coming Thursday.
Markets expect the monetary policy committee to lift rates for the fifth meeting in a row, taking them to 1.25 per cent.
Some analysts are even pencilling in a 50 basis point hike. The Bank tends to move in 25 basis point increments.
UK inflation is running at nine per cent, the quickest acceleration since the 1980s. However, the cost of living is forecast to climb above 10 per cent in the final months of this year.
The Bank has a mandate to keep inflation at two per cent.
Separate figures published by the Office for National Statistics today revealed over three in four Brits are concerned about soaring living costs.