POLL: Is Andrew Bailey the governor our Bank of England needs right now?
The Bank of England (BoE) is expected to raise interest rates for the 15th time in a row tomorrow (September 21) as its governor, Andrew Bailey, faces desperate calls to change tack.
Mr Bailey’s performance was today slammed as “shambolic” and the bank told it is “woefully behind the curve” in an Express.co.uk exclusive.
The embattled governor of the Bank of England has faced fury from his critics in recent months after he admitted to the House of Lords that the institution was “wrong” about inflation.
Back in June, Mr Bailey said the BoE must learn “big lessons” from its mistakes, but the course correction his opponents say is needed is not expected to materialise when the Monetary Policy Committee (MPC) announces rates tomorrow.
But some say he should have stopped hiking rates, causing incredibly tough times for mortgage holders, long before the September announcement.
The Institute of Economic Affairs today pointed out that the bigger-than-expected drop in inflation figures showed once more why a different path is needed to fix the UK economy.
The institute’s economics fellow, Julian Jessop, said: “Today’s better-than-expected UK inflation data show why forecasters and policymakers should pay more attention to monetary aggregates.
“Inflation was widely expected to jump due to higher fuel prices. In fact, it fell, which is consistent with the sharp deceleration in the growth of the money supply over the last year.
“The Bank of England should have hit the pause button on interest rates several meetings ago to assess the full impact of the tight squeeze that is already in place.
“Even if the MPC does decide to hike one more time this week, they should signal that rates are then on hold for a long period – and that the next move is just as likely to be a cut.”
That’s why we’re asking Express readers if Andrew Bailey is the right person to steer the country through this incredibly difficult period.
So what do YOU think? Is Andrew Bailey the governor our Bank of England needs right now? Vote in our poll above and join the debate in the comments below.
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