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Jacob Rees-Mogg accuses Bank of England of ‘miserable incompetence’ over inflation

Jacob Rees-Mogg accuses Bank of England of ‘miserable incompetence’ over inflation



MP criticises policies on interest rates and bond-selling as Tory rightwingers call for review of Bank’s independence Jacob Rees-Mogg has accused the Bank of England of “miserable incompetence” over its failure to reduce inflation more quickly and its bond-selling strategy, as rightwing Tories prepare to renew their attacks on the Bank’s independence.The former business secretary accused the Bank of damaging the economy with its interest rate decisions and costing the taxpayer tens of billions of pounds by selling off government debt too quickly in an attempt to reduce its balance sheet – a policy known as quantitative tightening (QT). Continue reading…



Source link : https://www.theguardian.com/business/article/2024/may/13/jacob-rees-mogg-accuses-bank-of-england-of-miserable-incompetence-over-inflation

Author : Kiran Stacey Political correspondent

Publish date : 2024-05-13 06:00:18

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Tags : The Guardian

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