Jacob Rees-Mogg has slammed the Bank of England for its response to the mini-budget, accusing them of being slow to deal with inflation. While accepting that mistakes were made by the government, he singled out the Bank of England’s monetary policy committee for criticism:
“An independent Bank of England has one task: to keep inflation at 2% – it has manifestly failed at that task. That is not the government, that is the independent Bank of England.
As a minister we all had to pretend the Bank of England was doing marvelously – well it wasn’t. It’s an institution that has let the country down.”
Rees-Mogg accuses the government of allowing itself to take the blame for the Bank’s failures. Guido is not one to often defend the Old Lady of Threadneedle Street, however they implemented Quantitative Easing with the approval of the Treasury and their political masters. We are reaping the inflationary global consequences of what central bankers the world over sowed…