The Bank of England is going to trash the UK economy in the next year. It should have to decency to say that’s deliberate.

Posted on July 6 2022

I published this Twitter thread in response to one from the Bank of England yesterday. I think it is self explanatory:

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8 Responses

  1. Andrew Broadbent says:
    July 6 2022 at 8:45 am

    As with you Richard, cant see the sense in what BoE are doing.
    In the media, there is next to no public criticism of BoE, other than ‘they should have raised rates earier and more’.
    Their deputy governor this morning said the logic was, that although they couldnt do anything about the external causes of the present inflation their interest rates increases were all about ensuring there is no wage price spiral once the external inflation has peaked.
    Someone from the Resolution Foundation interviewed on and r4 news programme yesterday – was pretty sanguine about what the BoE is doing.
    You would have thought they would have stressed if ‘we’ have to see reduced living standards – the govt has a choice as to who the ‘we’ are – those who can bear it and the good half of the population who can’t.

  2. Pilgrim Slight Return says:
    July 6 2022 at 8:57 am

    Shameful.

    But also a reinforcement of panic and fear.

    Why? What are they up to?

  3. Leigh Bowden says:
    July 6 2022 at 9:11 am

    I think they’re hoping, for most of the population, that two plus two still equals five.

  4. Mark Munson says:
    July 6 2022 at 10:34 am

    However, will not the B of E have to raise interest rates anyway to protect the value of sterling?

  5. Cyndy Hodgson says:
    July 6 2022 at 11:46 am

    I am beginning to wonder if I live on a different planet to some people in this country. This from a facebook discussion about the increase in price of Lurpak (other party name removed)

    JG
    I don’t go to Sainsburys much, usually Asda it was 4 pound odd before so not like its gone up by much x

    Reply
    25 m

    Cyndy Hodgson
    25%? NOT MUCH? How much has your income risen by? 3%, if you’re lucky.

    Reply
    10 m

    JG
    Cyndy Hodgson from £4.25 to £5.00 is not much really, I’ve always bought it so I’m not bothered

    Perhaps 25% food inflation doesn’t really matter to a lot of people?