The Conservative Party’s former party chairman Sir Jake Berry has slammed the Bank of England governor over ‘blobonomics.’
Sir Jake has said the Government should consider sacking Governor Andrew Bailey, as people are paying the price of the bank being ‘asleep at the wheel.’
The Governor of the Bank of England is failing in his job because he is pursuing “blobonomics”, according to the former chairman of the Conservative Party.
Sir Jake Berry told GB News:
“I was looking at the Bank of England’s predictions from 18 months ago, and their prediction was that inflation will be 2%. Now it’s over 8%, or 10% depending on some measures, like the Bank of England has been asleep at the wheel.
“The United Kingdom central bank has acted far too slowly, and mortgage payers and businesses are paying the price.”
In a discussion with Camilla Tominey, he said: “Andrew Bailey is pursuing what I call blobonomics, which is the sort of flawed economic principles of the Treasury. And I think the problem he has is that every prediction that is being made is wrong…
“I think the Government should be getting him in and talking about whether he has a plan other than just ratcheting up inflation or ratcheting up the interest rates and mortgages on households. And if he doesn’t, then maybe it’s time to look for someone else who’s got a better plan.”
He added: “I just don’t think this crisis is going to be over in six months and that’s why I’ve been calling for a reintroduction of MIRAS, which is a tax cut for everyone with a mortgage or expanding SMI beyond people just on benefits to try and help families.
“If you read in the papers today, clearly, you will have seen that there’s a potential 10% drop in property prices in the next 12 months predicted. That puts us on the brink of a financial crisis in terms of the amount of wealth that we have in this country invested in property. We absolutely have to act.
“I don’t think the approach frankly of Andrew Bailey at the bank or the Government wait and see approach is one that is serving my constituents.”
Source: GB News