Has the Bank of England given up on inflation?

During its early years of operational independence, the Bank of England was very keen to establish its anti-inflationary authority by “going tough” on inflation. Now it has decided to take no interest rate action most likely until early 2022. Costas Milas writes that this doesn’t mean that the Bank has gone soft on inflation. Monetary Policy Committee members are concerned that, with the pandemic and the emergence of the “Omicron” variant, interest rate hikes could derail economic recovery.