"Bank of England Governor Bailey was heavily criticized a few weeks ago for calling on workers not to demand inflation busting pay rises as prices continue to rise.

Yesterday, he continued in the same vein, but this time it was banks that were targeted. He called upon financial institutions to use restraint when deciding on the level of bonus payments.

He went on to say that the need for restraint applies to everyone, from care home workers to city bankers.

Testifying before the House of Commons Treasury Committee Bailey, who earns £575k a year told MPs, who rarely show restraint when awarding themselves inflation busting pay increases, that there is a real danger that inflation will remain at higher levels for far longer than had previously been expected.

Inflation reached 5.5% last month and is expected to peak at between 7.25% and 7.5% when household energy caps are raised in April.

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