{"id":64819,"date":"2022-09-23T07:26:29","date_gmt":"2022-09-23T06:26:29","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=64819"},"modified":"2022-09-23T07:26:29","modified_gmt":"2022-09-23T06:26:29","slug":"the-bank-of-england-and-kwarteng-are-at-war-with-each-other-that-can-only-end-in-tears","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2022\/09\/23\/the-bank-of-england-and-kwarteng-are-at-war-with-each-other-that-can-only-end-in-tears\/","title":{"rendered":"The Bank of England and Kwarteng are at war with each other. That can only end in tears."},"content":{"rendered":"

The Mail has this front cover this morning:<\/p>\n

\"\"<\/p>\n

The implication is that boom times are coming and that growth is going to happen. That is Kwarteng's approach to economic management. He wants to provide a stimulus by injecting more money into the consumer economy.<\/p>\n

In contrast, the Bank of England is increasing interest rates. It did so yesterday. It will not be long before it does so again. The implication is that it thinks the economy is overheated and money must be extracted from it.<\/p>\n

Only one of these approaches can be right. At present we have the Bank and Westminster at war with each other. That can only end in tears. As it is, they're both heading us for meltdown and the fact they're fighting each other whilst pursuing their separate paths to achieve that goal will only make things very much worse.<\/p>\n

What did we do to deserve this?<\/p>\n","protected":false},"excerpt":{"rendered":"

The Mail has this front cover this morning: The implication is that boom times are coming and that growth is going to happen. That is
Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96,35,106],"tags":[],"class_list":["post-64819","post","type-post","status-publish","format-standard","hentry","category-conservatives","category-economics","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/64819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=64819"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/64819\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=64819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=64819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=64819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}