"Bank of England Governor Andrew Bailey expressed his concern yesterday about the pace at which inflation continues to rise.

Having already hiked interest rates once, at its meeting in December, the Monetary Policy Committee is expected to agree to three more hikes throughout 2022.

Bailey has two main concerns; first he is worried that energy prices continue to rise, the wholesale price of gas has quadrupled in the past year, and inflation concerns being expressed in wage negotiations.

For now, wage rises are both manageable and fairly limited, but that is certain to change as Trades Unions begin to try to ensure that the pace of wage rises for their members keeps up with rising prices.

In evidence to the Treasury select Committee, Bailey warned that it could easily be the second half of next year before energy prices start to ease back,

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