New Bank of England Deputy Governor for Financial Stability Sarah Breeden defended the broad approach of the Monetary Policy Committee to the inflation surge and she cited, and endorsed, some of its key assumptions.

"I agree with the MPC that the risks to inflation around the August forecast are skewed to the upside," she said in her written evidence to the Treasury Select Committee, noting that second round effects from price and wage setting had been stronger than previously anticipated.

She said that she thought growth would be weak over the next couple of years and highlighted the uncertainties over how monetary policy tightening will feed through. She declined to say whether she would have voted differently to her predecessor, Jon Cunliffe and said if the MPC were to start projecting its own expected rate path, or members' paths, such as the Fed does, it would come "with costs".