"Following last week’s inflation data that showed prices are still rising rapidly, monetary Policy Committee Member Jonathan Haskel was the first to put his head above the parapet.

Haskel said he sees two major issues that could derail the recovery in the coming weeks/months.

First would be the bank withdrawing monetary support by slowing the rate at which it is purchasing assets or ending the programme completely and, second, the continued rise in cases of Covid-19 driven by the highly transmissible Delta Variant.

Two of Jonathan Haskel’s colleagues on the MPC have called for tapering to begin sooner rather than later. Gertjan Vlieghe and Michael Saunders, both considered hawks, believe that the bank should be preparing the ground for a tightening.

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