The 62-year-old banker said the number of high-profile supply bottlenecks appeared to be increasing.

The Bank of England governor has jokingly asked “when is the plague of locusts due” as he warned the economy faces “hard yards” ahead.

アンドリューベイリー said in a speech to the Society of Professional Economists the rate of recovery from the pandemic had slowed over recent months, 追加する: “And that slowing is continuing.”

Mr Bailey told the society’s annual dinner that interest rates would have to increase to slow rising prices, but said the economy was not currently strong enough to sustain that intervention.

and when are the locusts due to arrive


“Pulling this together, the recovery has slowed and the economy has been buffeted by additional shocks," 彼は言った.

“The switch of demand from goods to services, なので COVID has faded in terms of its economic impact, has not taken place to date on the scale expected. その間, supply bottlenecks and labour shortages have weighed on output, and are continuing.”

The 62-year-old banker said the number of high-profile supply bottlenecks appeared to be increasing.

“I must say that when I heard that we were suffering a shortage of wind to generate power, I was tempted to ask, ‘and when are the locusts due to arrive’”, 彼は言った.

The Bank of England’s governor has said the economy’s recovery ‘is weakening’ (ユイモク/ PA)

The bank’s view was that price pressures would be “transient” as demand shifted back from goods to service, global supply chains repaired themselves and commodity prices reverted to average levels, Mr Bailey said.

"だが, the pressures are very much still with us, and there is still, we believe, pass-through to retail prices to come, and manufacturers’ output prices are still rising rapidly," 彼は言った.

“Added to that is the uncertainty around how the labour market puzzle resolves itself, and how that will affect employment and earnings.

"その間, just to remind, the recovery is weakening. A lot therefore turns on how effectively supply capacity is rebuilt and over what time, and how the labour market evolves. These are truly hard yards.”