Cleverly shuts down BBC hosts swipes about economy

James Cleverly defends government's actions amid inflation crisis

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Mr Cleverly claimed that Mr Robinson’s criticisms were not valid as other countries around the world were experiencing higher levels of inflation and energy pricing. The BBC host went on to explain what the Bank of England had been saying this week about the 30-year inflation gilt and the mini-budget correlation. The Foreign Secretary claimed that inflation in the British economy would be higher if the Government had not stepped in and intervened when that had done, citing a report from the BBC itself as making a similar assessment.

Mr Cleverly told BBC Radio 4s Today programme: “If the figures that we were seeing in the economy were unique across the world, I think that might of been a valid criticism.

“But we’re seeing inflation rates higher in other developed economies, we’re seeing interest rates higher in other developed economies, we’re seeing energy prices higher in other developed economies.

“The point it…”

Mr Robinson added: “The Bank of England said this week…”

Mr Cleverly said: “Oh Nick, come on let me finish!”

Mr Robinson continued: “The Bank of England said this week that the five largest daily moves in the rate of borrowing, what we call 30-year inflation gilt have happened since the mini-budget. They happened here!”

JUST IN: Two killed after plane crashes into car park of motor dealership in Ohio

“They didn’t happen in any other country Mr Cleverly.”

Mr Cleverly said: “And yes, what we have also seen is a number of those gilt yields and long-term borrowing yields are recovering.

“What we are seeing and in fact as Faisal Islam said earlier in the programme, actually, the inflation rates would be higher had it not been for the intervention that the Government made.

“And look, I’m not suggesting and indeed the Prime Minister is not suggesting that everything she did was right but she recognised when she made a mistake, and she set about preparing the things we got wrong.”

READ MORE: UK inflation rate returns to 40-year high in huge blow for savers

Treasury minister defends Truss pointing to Germany's inflation

There have been ongoing fears of the UK heading into a recession.

Some economists have claimed that we are already in one as inflation has now soared to 10.1 per cent.

Many Britons have been blaming the crash in the UK economy on Prime Minister Liz Truss and Kwasi Kwarteng’s mini-budget announcement a few weeks ago.

Since Mr Kwarteng’s removal from the position of Chancellor, new Chancellor Jeremy Hunt has U-turned on all his imposed tax cuts in order to try and save the economy

Shadow Chancellor Rachel Reeves has criticised the Tory Government for not helping those most vulnerable during this time, as many are facing increased costs to food and mortgage rates.

There have also been demands for increases to state benefits, which the British Government has not yet done.

Ms Reeve said: “Inflation figures this morning will bring more anxiety to families worried about the Tories’ lack of grip on an economic crisis of their own making.

“It’s clear that the damage has been done. This is a Tory crisis, made in Downing Street and paid for by working people.

“The facts speak for themselves: mortgage costs are soaring, borrowing costs are up, living standards down and we are forecast to have the lowest growth in the G7 over the next two years.

“What we need now is to restore financial credibility and a serious plan for growth that puts working people first. That is what Labour will bring.”

Source: Read Full Article