UK’s Sunak backs Bank of England after inflation criticism

© Reuters. FILE PHOTO: British Chancellor of the Exchequer (finance minister) Rishi Sunak walks near the Treasury building in London, Britain, May 3, 2022. REUTERS/Toby Melville

LONDON (Reuters) – The Bank of England is focused on getting inflation back to its 2% target, British finance minister Rishi Sunak said on Wednesday.

“It is the Bank of England’s role to control inflation, and they are rightly independent,” Sunak said in a speech to a Confederation of British Industry dinner.

“Over the quarter century since we took monetary policy out of the hands of politicians, inflation has averaged precisely 2% and I know the governor and his team are completely focused on getting inflation back to target.”