Bank of England Deputy Governor Jon Cunliffe was the only member of the MPC who voted against a hike in interest rates at the latest meeting.

Yesterday he spoke of his doubts that the Bank will have to take sustained action to curb public expectations that high inflation will become ingrained since, so far, those concerns have failed to materialize.

He acknowledged that inflation would need to be tackled, but does not see a comparison with the 1970s, when an energy shock saw inflation rise and stay elevated.

The conflict in Ukraine will lead to a substantial downturn in economic activity. This will be worse than the Central bank predicted in its latest bulletin, released in February, and will last well into the first half of 2023.

Cunliffe warned against the public becoming convinced that high and rising inflation would need to be countered by higher pay awards.

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