The Bank of England's Crisis of Confidence

I do not think the Bank of England is in any way very different from other majors that we look at. This one is it's a raging debate in the markets. There are rims and rims of papers around this. What's my view? I think I have no better insight into UK output dynamics than most people in the market. But historically, the UK economy seems to have generated more inflation than, say, Europe. And it times more inflation than the US. So there is something in there."