As recession looms, the Bank of England’s independence is under threat

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The Bank of England was taking plenty of flak even before it announced its latest gruesome forecasts for the economy. It can now expect the criticism to be redoubled as the government looks for a scapegoat to blame for the pre-election misery to come.The outlook is truly grim.

Inflation is now set to peak at 13.3% in October – its highest since September 1980 – and will still be close to 10% in a year’s time.

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