Tory anger at Bank of England grows over being too slow to act on inflation singharj + poppyeh report:
, but did not say Rishi Sunak thought he was doing well.for failing to act quickly enough to rein in inflation and therefore needing to raise interest rates further to 5 per cent, putting mortgage holders under even greater pressure.Mr Bailey had “presided over incompetent management” of the economy and was “a year behind the curve with interest rates”, arguing faster action could have given people time to plan for increased mortgage costs.
Former prime minister Liz Truss, who criticised the Bank during her disastrous stint in No 10, is understood to have told friends that monetary policy has failed, the Bank’s QE programme expanded too quickly, and that interest rates should have been raised earlier. “There are a lot of question marks about the Bank of England, both in starting to raise rates and remove QE too late and now arguably pushing rates up at a time when the effect of earlier rises is yet to manifest,” the MP said.
Asked whether the Bank had been slow to raise rates, Mr Harper told Sky News: “Some people make that criticism, yes, and there was a decision to make at the beginning about whether inflation was transitory or not.
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