‘It isn’t good enough’: Farage slams rising interest rates
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Speaking on his GB News broadcast, Mr Farage said it “isn’t good enough” just to forecast financial doom and do nothing about it. He claimed that “fresh initiatives” are needed to help the economy recover and that energy is “one of the keys” to reversing these difficulties.
Reciting the International Monetary Policy’s projections for the future of the UK economy, Mr Farage slammed the hopelessness of it.
He said on GB News: “What we have is an acceptance now through the Bank of England and elsewhere that we’re going to go on for two years, with inflation, and with very very low growth indeed.
“Frankly, it isn’t good enough just to sit here and expect you out there, paying the bills, paying your taxes, just to accept it.
“We really do need some fresh initiatives, to help us get the economy in this country back onto its feet and yes, I think energy is one of the keys to that.”
The Bank of England approved a fourth interest rate hike since last December today to battle soaring inflation prices.
The aftermath of the pandemic and the fallout from the war in Ukraine have caused an extraordinary rise in inflation.
Prices are rising at seven percent a year in the UK, the highest hike in more than 30 years.
Interest rate increases have been used by the Bank of England as a means of controlling the chaos.
The raised base interest rate to one percent makes 2022 the highest year for rates in 13 years.
The Bank’s Monetary Policy Committee approved a 25-basis point increase by a majority of six to three as the public struggle with soaring prices.
They said the three dissenting members wanted to raise the interest rate even higher to 1.25 percent.
The Bank of England also expects inflation to rise to almost 10 percent by the end of this year, spelling further difficulty.
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After the announcement, the sterling hit an almost two year low of 1.24 against the dollar earlier this afternoon.
Defending the fourth rate increase, Bank of England governor Andrew Bailey said it was important to “put the rise into context”.
He said: “I think it’s important to put that into the context of the shock that we’re seeing.
“We’re seeing this unprecedentedly large shock to real income in this country coming from abroad, it’s a terms of trade shock. … And that is having a negative effect on real income, we think that’s going to feed through to activity during the course of this year in a big way.”
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