Jacob Rees-Mogg lashes out at the Bank of England’s handling of inflation, criticising its slow response and bond-selling strategy.
As rightwing Tories rally against the Bank’s independence, questions loom over its policy decisions and impact on the economy.
1. Jacob Rees-Mogg condemns Bank of England’s handling of inflation and bond-selling strategy.
2. Criticism extends to damaging the economy and taxpayer losses due to quantitative tightening (QT).
3. Conservative Way Forward to release report questioning Bank’s independence, echoing sentiments of former PM Liz Truss.
4. Rees-Mogg emphasises the taxpayer burden of £46bn due to Bank’s alleged incompetence.
5. Fractious relations between Bank and Tories persist since Liz Truss’s tenure, with calls for interest rate decisions to return to ministers.
6. Conservative Way Forward calls for review into the Bank’s independence, focusing on losses from quantitative tightening policy.
7. Pressure mounts on the Bank to change course as it faces scrutiny over selling bonds into the private market and taxpayer-funded losses.
