Inflation LIVE: 'Gone back 50 years' BoE made 'serious mistakes' as levels hit new high

The Bank of England has made “serious mistakes”, its former governor has said, as inflation has reached a 40-year-high.

Lord Mervyn King claimed that officials at Threadneedle Street fuelled price rises by a money printing spree during the COVID-19 pandemic.

The former governor added that the current price surge is not something that can be fully prevented.

Meanwhile, business bosses have warned that we have “gone back 50 years”.

Stewart Morton-Collings, owner at For Me and For You Designs said that his family and his business are struggling to cope with rising costs.

He said: “We’ve drastically reduced our energy consumption, but all these measures won’t be enough to get us through. Our only option is to work seven days a week, every week, with no breaks. Holidays, gifts, treats for the kids have all been forgotten. It feels like we’ve gone backwards 50 years.”

On Wednesday, it was announced that inflation had reached a 40-year-high of nine percent.

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