The invasion of Ukraine has increased the price of food and energy, as supplies are disrupted by the war and the West tries to phase out Russian oil and gas.
He said that this is what we said was going to happen and that the exchange rate would go down and that the inflation would be added. Carney, who was governor of the Bank of England between 2013 and 2020, said that it was also helping to fuel inflation and that it had slowed the pace at which the economy can grow.
The economy's capacity would go down because of Brexit, and that would add to inflationary pressure, and we would have a situation - which is the situation we have today, where the Bank of England has to raise interest rates despite the fact that the economy is going into a recession. He said that the UK had suffered a big hit to our productivity and we have to take some tough decisions in order to get it back. The prime minister's official spokesman said: "We are seeing challenges caused by the pandemic and by war in Europe, which has been driving factors in inflation, and we're seeing high inflation in a number of countries around the world. He said that our focus is on ensuring we have stability and fiscal credibility, and that he was asked if he was denying thatBrexit had caused financial issues. That's what the chancellor and the prime minister are focused on rather than on a decision taken a number of years ago when people made a clear decision.