Inflation taking ‘lot longer’ than hoped to come down, Andrew Bailey says

Inflation is “taking a lot longer” than hoped to come down, Bank of England governor Andrew Bailey said on Tuesday, as investors bet on further interest rate rises on the back of strong wage data.

Following the release of figures showing annual private-sector wage growth climbing to 7.6 per cent in the three months to April, short-term gilt yields rose above the highs reached during the turmoil around Liz Truss’s “mini” Budget…