The Bank of England's Change in Language

New chief economist of the bank of england says inflation could go as high as five%. That's roughly one per centage point higher than current forecast. He is explicit in this f t interview that even transitory inflation, he thinks, could require an instraigt response because it is so above target. But i still think, though, when you look at the amount of money swilling round the system because of all the stimulous measures taken during covid we don't know the precise size of it yet.