Bailey's appearance before MPs - which has been likened to the showdowns with Lord King, former head of the bank during the 2008 financial crash - will come amid intense effort by the chancellor, Rishi Sunak, to find new measures to ease the cost of living before the summer recess.
Labour will challenge Conservative MPs to vote for a windfall tax on oil and gas companies in an amendment to the Queen's speech - a move Sunak has failed to rule out but which is intensely opposed by the business secretary, Kwasi Kwarteng.
Bailey's appearance at the Treasury select committee will come in the aftermath of growing criticism of the bank's performance, including from some cabinet ministers, one of whom told the Sunday Telegraph they were now“questioning its independence”.
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