The Bank of England is risking higher interest rates for longer after a hesitant response to rising inflation, according to leading thinktank. In a searing critique of the central bank’s tactics, the National Institute of Economic and Social Research (Niesr) said a timid increase in interest rates last week was likely to mean inflation staying above the Bank’s 2% target until at least 2030. The thinktank said inflation was likely to become a more persistent feature of the UK economy unless the Bank took tougher action. The Bank’s monetary policy committee increased the cost of borrowing from 3.75% to 4% last ... (full story)