"The Bank of England’s Monetary Policy Committee will meet at the end of next week, and it is highly likely that they will decide to hike interest rates for the second time in successive meetings.

The consequences of the committee’s relaxed attitude to ring inflation last year are now being felt throughout the economy. Andrew Bailey when asked about rising inflation was certain that the rise was transitory and would fade as soon as the economy was fully open again.

While Bailey was one of the more sanguine Central Bank Heads, the fact that once he had come to terms with the fact that inflation was not going away but actually continuing to rise, he was then accused of misleading the markets by pre-empting a vote. He was fairly certain that there would be a hike agreed at the November meeting, only for his colleagues to vote to maintain rates at 0.1%.

The fact that the Committee voted in Favour of a hike at the December meeting, the timing of which was unusual in itself underlined the fact that they got it wrong in November.

There is no doubt that the advent of the Omicron Variant of Coronavirus created uncertainty, particularly as the scientific community continually warned about its consequences.

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