Former governor says Bank of England ‘made mistakes’ over cost of living crisis

Former Bank of England governor Mervyn King has launched an attack on central banks, suggesting they have a shared responsibility for the cost of living crisis.

Lord King says financial institutions have fuelled a rise in inflation by printing hundreds of billions of pounds and dollars during the Covid pandemic.

He also warned Britons must brace themselves for a “very unpleasant period” and believes considerable interest rate hikes are now needed to prevent a re-run of the 1970s.

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