Boris Johnson believes Andrew Bailey went 'over the top' with apocalyptic warning

Mr Bailey gave a bleak assessment of the impact of rising inflation, admitting he feels “helpless” in the face of global pressures. However, No 10 sources expressed the frustration of the PM, saying “you need to be cautious with your language when you’re talking about that kind of stuff”.

The bank chief warned on Monday that the war in Ukraine has resulted in an unpredictable jump in inflation, highlighting that there is still a “major worry” over further rises in food prices due to the conflict.

He said the main drivers of inflation are energy costs and global goods prices, which will dampen activity and raise unemployment.

Inflation hit seven percent in March and is expected to have reached eight percent last month.

The Prime Minister’s spokesman acknowledged people are facing “anxious times”.

He added: “We wouldn’t seek to underplay challenges people the world over are facing as a result of the pandemic and the war and inflationary pressures.

“But the exact impact, as regards food prices, is not quite known.”

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