Governor Andrew Bailey’s catastrophe has spiraled out of control

“They have gone over the top in this. I don’t think serious economic analysts believe the Bank of England’s predictions anymore,” said Professor Douglas McWilliams, head of the Center for Economic and Business Research. “Inflation rates are way too high. [The] Bank was completely wrong when they said there was no problem with inflation building … Read more

Ex-mandarin with ‘no economic experience’ in line for role at Bank of England

The Telegraph understands the formal recommendation by Mr Zahawi of Dame Clare, now the chief executive of Citizens Advice, that the recruiting panel “thought she would make a strong contribution to improving diversity and inclusion at the Bank, given her insightful responses on how she would drive this forward”. The recruitment panel was chaired by … Read more

I pave the way to economic growth with an emergency budget

We have a choice about the kind of economy – and therefore the country – we want to be. I will not accept a flimsy economic consensus that wraps Britain in heavy regulation and babysitting statism and suffocates the private sector. Britain has always been at its best as a free trade, free market, entrepreneurial … Read more

Liz Truss tax cuts, not ‘handouts’, tackle the crisis of the livelihood

l iz Truss has said she would help people with the cost of living crisis by cutting taxes and not giving “handouts.” The hopeful Tory leadership was asked if they would offer more help with rising fuel bills this winter if they become the next prime minister. The secretary of state told the Financial Times … Read more

Liz Truss plans Thatcherite treasury shake-up

It is clear that a Truss government would seek to abolish the joint Number 10/Number 11 economic unit founded by Dominic Cummings because it does not believe it has led to effective economic policy making. Ms. Truss plans to work closely with her Chancellor and work as one team, according to sources, but with a … Read more

High interest rates are temporary, Andrew Bailey says

While more rate hikes are on the way, Bailey’s comment about a return to “low global equilibrium” is one of the first suggestions that the Bank expects higher rates to be short-lived. Factors such as extending lifespans have pushed interest rates down worldwide in recent decades as people save more for retirement and are expected … Read more

Bank of England sweeps back as Tory candidate Tugendhat blames inflation crisis on QE ‘sugar high’

The Governor of the Bank of England reacted today to Tory leadership candidate Tom Tugendhat over his claim that Threadneedle Street’s monetary policy is responsible for the inflation crisis. Appearing before MPs, Andrew Bailey tried to avoid the ongoing battle for Conservative Party leadership and the flurry of tax cuts promised by rival competitors. But … Read more

Opinion: Bank of Canada may need to reconcile with money supply to stabilize inflation

The Bank of Canada building on Wellington Street in Ottawa on May 31.Justin Tang/The Canadian Press Forty years ago—or about the last time we had inflation rates as high as today—central bankers had an unfortunate split with the money supply. It had proved too volatile and unpredictable to be a reliable partner in determining monetary … Read more