Bank of England perk

SIR – There has rightly been criticism of the Bank of England’s weak efforts to control inflation (Letters, May 18).

Ironically, the Bank’s staff are personally largely immune to the effects of inflation, being members of one of the most generous index-linked pension schemes in the country. Bank of England pensions are linked to growth in the retail prices index, so no matter how high inflation soars employees’ financial security is completely protected.

Given that the Bank’s remit is to keep inflation down to 2 per cent, perhaps the interests of their directors and staff should be aligned with those of the rest of the country by capping their pension inflation increases at that same 2 per cent. This might bring a sense of urgency to their handling of the crisis.

Vincent Phillips

Naburn, North Yorkshire