U.K. inflation is high and likely to go higher, according to the BOE (which seems just fine with...

|By:, SA News Editor

U.K. inflation is high and likely to go higher, according to the BOE (which seems just fine with that), but it's even worse than that, according to Tullett Prebon's Tim Morgan. He's compiled an essentials index and it's risen 33% since 2007 vs. incomes up just 10%. The current rate of 4% is more than 100 bps over the official number. FXB -6% YTD.