The message from the Bank of England is that the economy has been hit by supply chain bottlenecks, both for goods and workers, pushing back the time when the economy regains all the lost pandemic growth into early next year. And while the inflation picture is now worse, with a forecast peak of 5% when the energy price cap is due to be further increased in April 2022, there is not much the Bank thinks it can do about the global drivers of this.


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