UNITE the union declared a “step forward” today after Bank of England boss Andrew Bailey finally acknowledged the role of rising prices in soaring inflation. 

The central bank’s governor, who previously warned of a “wage-price spiral” and urged workers to show “wage restraint” despite 40-year high double-digit inflation, urged firms not to set prices that will “help embed inflation in the economy.”

The intervention, which came a day after the bank introduced yet another rise in the base interest rate — by 0.25 per cent to 4.25 per cent — was welcomed by Unite, which has published research showing “rampant corporate profiteering” is fuelling soaring prices, not pay.