A group of 44 Tory MPs have criticised the Bank’s handling of inflation and quantitative tightening, saying it has cost taxpayers thousands.
A group of Conservative backbenchers have demanded a review of the Bank of England’s independence, accusing it of costing taxpayers thousands of pounds.
The report also blamed the Bank for the UK experiencing higher inflation than comparable countries, saying this had cost families £1,185 over 2022 and 2023, and called for a Treasury-led review of the Bank’s QT programme, its mandate and its independence.The Bank of England has been independent of government since 1997, with interest rates set by its Monetary Policy Committee aimed at keeping inflation around 2%.
Sir Jacob accused the Bank of “miserable incompetence” that made Nick Leeson, the rogue trader who bankrupted Barings Bank in 1995, “look clever”. He added: “If we’re going to hand the keys to our monetary policy to the Bank of England, it’s vital there’s rigorous accountability and that it demonstrates monetary expertise.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tory Mayor Praised By Rishi Sunak Blames Prime Minister For Tory 'Chaos'Kevin Schofield is Politics Editor of HuffPost UK.
Read more »
Tory MPs: Public will lose if we can’t earn tens of thousands from second jobsLabour's plan to ban MPs' side hustles will not help as second jobs help prevent 'plotting and scheming', argues one senior Conservative
Read more »
Tory MPs share despair at PM's top team over Commons vote in leaked WhatsAppsThere is fury today among Tory MPs after most found themselves on the losing side of a vote to exclude any MP arrested for a serious offence from the parliamentary estate, which would bring Westminster into line with many other workplaces.
Read more »
Tory MPs press for emergency immigration legislation after NI court rulingFormer home secretary Suella Braverman claimed the judgment meant Northern Ireland was ‘effectively to be treated as part of the European Union’.
Read more »
Tory MPs press for emergency immigration legislation after NI court rulingFormer home secretary Suella Braverman claimed the judgment meant Northern Ireland was ‘effectively to be treated as part of the European Union’.
Read more »
Tory MPs on election alert as Sunak ‘resets’ campaign strategyMPs expecting a long campaign despite speculation a poll could be called for July
Read more »