I posted this on TikTok this morning:
@richardjmurphy The Bank of England has failed us Across the developed world inflation is now falling back to levels last seen before the Covid crisis. The UK will soon be there. However, interest rates are not falling back to the levels of that period. The Bank of England increased them, saying that doing so would beat inflation, which was untrue, and now they're keeping them high to benefit the wealthy. It's time they were cut significantly. #bankofengland #money #uk
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Can’t make it any clearer than that!
“Bank of England: ‘Serious deficiencies’ in economy forecasts, review finds” 12 April 2024 @ BBC News
https://www.bbc.co.uk/news/business-68797651
“The independent report by Dr Ben Bernanke, former head of the US central bank, found staff used outdated systems that should be overhauled or replaced.”
I suspect I will cover this tomorrow morning now