Bank of England head says drivers of inflation will not persist

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Governor Andrew Bailey at odds with bank’s chief economist warning of price inflation above 2% target

The governor of the Bank of England, Andrew Bailey, has sought to calm financial market fears over rising inflation but has exposed a policy rift with Threadneedle Street’s outgoing chief economist, Andy Haldane.

The day after Haldane used a newspaper article to warn of the need to prevent the “inflation genie” getting out of the bottle, Bailey said he thought upward price pressures would prove temporary.

Related: Top Bank of England economist warns of 1970s-style price inflation

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