In May 1997, Socialist chancellor of the Exchequer Gordon Brown gave the Bank of England operational control of monetary policy \u2013 attempting to take Government politics out of interest rate decisions.<\/p>\n
And this was a positive decision \u2013 made in the best interests of the British people and the British economy\u2026until <\/strong>in our view, <\/strong>Andrew Bailey was appointed Governor of the Bank of England in March 2020.<\/p>\n Since then, we have seen Government debt reach new highs \u2013 Sunak (socialism through the back door) wasting hard working family\u2019s money on novelty schemes like \u201cEat out to Help out\u201d \u2013 pandemic protection schemes that were awash will fraud \u2013 and now inflation touching 10%<\/p>\n And whilst Britain enters this inflationary cycle \u2013 the Bank of England is sitting on its hands\u2026and we rightly ask why.<\/p>\n In the United States \u2013 the Federal Reserve Bank \u2013 facing the same inflationary pressures \u2013 like Britain \u2013 awash with tax payer money \u2013 with the Globalist \u201csleepy Joe\u2019s\u201d $1.5 trillion<\/strong> spending spree \u2013 following on from the $900 billion<\/strong> Consolidated Appropriations Act in December 2020 \u2013 has also been caught sleepwalking but finally reacted last month, raising interest rates to 1.5% – with market analysists expecting a further 0.75% to 1% increase within the next 30-days. (Less than we believe is required to curb inflation \u2013 and enable a \u201csofter landing\u201d but at least a start)<\/p>\n Meanwhile Bailey and his team in London \u2013 seemingly watch with indecision\u2026allowing the trade union movement to get blamed for requesting higher salaries for their members \u2013 as being the inflationary bad guys.<\/strong><\/p>\n And with each interest rate hike enacted by the Fed \u2013 the US Dollar will strengthen on the international exchange rates \u2013 against the weakening British pound – making oil prices and the energy market even more expensive \u2013 adding even more inflation to our economy \u2013 adding further pressure to the cost-of-living crisis<\/strong>.<\/p>\n Brent Oil has DROPPED<\/strong> by 8.9%<\/strong> on WORLD MARKET<\/strong> from March 14th to July 14th<\/p>\n Brent Oil has INCREASED<\/strong> by 1%<\/strong> for BRITISH IMPORTERS<\/strong> from March 14th to July 14th (due to collapse of GBP \u00a3 against the USD) 1 USD = GBP 0.77 (14\/03\/22) to 1 USD = GBP 0.84 (14\/07\/2022) due to Fed action against inflation by raising interest rates.<\/p>\n Regrettably \u2013 the candidates for Conservative leadership seem to lack even a basic understanding of economics \u2013 and so this shameful indecision by the Bank of England is allowed to continue \u2013 where our citizens who have diligently worked and diligently saved \u2013 are seeing their spending power being diminished every day.<\/p>\n God help Britain if this economic mismanagement continues.<\/p>\n","protected":false},"excerpt":{"rendered":" In May 1997, Socialist chancellor of the Exchequer Gordon Brown gave the Bank of England operational control of monetary policy […]<\/p>\n","protected":false},"author":1,"featured_media":2729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[13,11,8],"tags":[],"_links":{"self":[{"href":"https:\/\/far-right.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2728"}],"collection":[{"href":"https:\/\/far-right.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/far-right.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/far-right.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/far-right.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2728"}],"version-history":[{"count":2,"href":"https:\/\/far-right.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2728\/revisions"}],"predecessor-version":[{"id":2734,"href":"https:\/\/far-right.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2728\/revisions\/2734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/far-right.co.uk\/index.php?rest_route=\/wp\/v2\/media\/2729"}],"wp:attachment":[{"href":"https:\/\/far-right.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/far-right.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/far-right.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}