King sees high inflation remaining

Mervyn King, the governor of the Bank of England, expects inflation in the United Kingdom to remain "markedly" above the central bank's target well into next year.

"Inflation is likely to remain markedly above the target until well into 2009," King wrote in a letter to Alistair Darling, the British chancellor of the exchequer, on Tuesday. "I continue to expect, therefore, that I will be writing further open letters to you over the next year,'' King added.

The Bank of England is trying to balance

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