M&S Chair Says UK Rate Rises Have Been ‘Totally Ineffective’
- Archie Norman says BOE can’t take plaudits for lower inflation
- Economy has proved resilient to fastest rate hikes since 1980s
A Marks & Spencer store in London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
The Bank of England’s efforts to bring down inflation have been “totally ineffective” because most price changes have been beyond the central bank’s control, one of the UK’s top business figures said.
Archie Norman, chairman of the retailer Marks & Spencer Group Plc, said that the most aggressive UK cycle of interest rate rises since the late 1980s “didn’t actually reduce inflation very much.”