... he predicted that inflation would stand at 1.5 per cent by the middle of this year. 'If I have made the wrong call, not only will I switch my vote, I would not pursue a second term,' he declared. 'They should have somebody who gets it right and not me. I am accountable for my performance.'

Last month, despite the Bank of England's mulish insistence that price rises would slow, inflation rose from 3.4 to 3.5 per cent. Barring a miracle, it looks like so long, Dr Posen.

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