The WHOLE POINT of the BofE’s Monetary Policy Committee is to control inflation. It is NOT their job to deliberate on economic policy, possible recession and so on.
They are supposed to keep inflation at 2% max; They have FAILED. They should ALL BE SACKED.
The Governor said: “It would have been below 2% without higher energy and import prices.” SO WHAT! It’s as useful as me saying that I wouldn’t weigh 30 stone if I didn’t live on 25 burgers and 10 pizzas a day washed down with 20 pints of beer.
The reason why inflation is so terrible is that it DESTROYS the value of the plebs’ money, since their income is BOUND to rise more slowly than inflation. It is like a VAST TAX INCREASE.
And it ALSO reduces DEBT – which suits bankers and governments, but THEY are responsible for the debt in the first place, not the plebs.
Inflation is NOT the answer to the problem, though it might appear so to economists in the short term.
But what gets me is the flagrant breaking of rules just because things are difficult. What is the POINT of having rules if you break them just when things get tough?
4.5% inflation is VERY bad news …. the Governor of the BofE should GO.