Mervyn King

Bank of England Governor Mervyn King said that inflation remains “uncomfortably high” on Wednesday, Bloomberg is reporting. “The recent pattern of revisions to the projections over the next year -- downward to growth and upward to inflation -- has continued,” King told reporters in London today....

Inflation in the UK surprisingly soared 3.7% for the month of April, marking the fastest annual pace since 2008. It led Bank of England’s (BofE’s) Mervyn King to state that this surge in inflation is "temporary" and the economy has “substantial” spare capacity. However, BofE will be forced to raise...