Trust in Bank on inflation collapses

TRUST in the Bank of England’s abilities to keep inflation under control has slid to a record low.

The balance of those satisfied with the Bank’s action on the cost of living crisis sank from -3pc to -7pc in August, according to its latest Inflation Attitudes Survey.

Inflation remained stubbornly high last month.

Although the rise in prices fell back from July’s 40-year high of 10.1pc to 9.9pc, it is still well above its 2pc target, figures showed.

Myron Jobson, senior personal finance analyst at Interactive Investor, said the results will ‘turn up the heat’ on the Bank’s Monetary Policy Committee which is set to hike rates again next week.

Since December 2021, the rate-setting committee has made six consecutive hikes to interest rates.