"MP criticises policies on interest rates and bond-selling"


Guardian: 13th May 2024: Report on Sir Jacob Rees-Mogg's renewed criticism of Bank of England

"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)...once more called into question the Bank’s independence, echoing criticism levied at the bank by the former prime minister Liz Truss...

Rees-Mogg said:... ““Its miserable incompetence allowed inflation to peak at almost six times its target rate and now it is demanding higher taxes because of its hopeless bond trading strategy. It makes Nick Leeson, who bankrupted [the London-based bank] Barings, look clever"...

On Tuesday members of Conservative Way Forward will call for a review into the Bank’s independence as part of a report that focuses on the losses made by the Bank’s quantitative tightening policy..."


[PopCon says: Another example of a so-called 'expert' group not being very expert at all, whilst having no accountability and costing the taxpayer £billions]

See also:

Telegraph: Jeremy Hunt urged to review Bank of England’s independence [20th April 2024]

Jacob Rees-Mogg: The culpability for this recession must surely lie with the Bank of England [15th February 2024]