Farage savages Andrew Bailey over interest rates saying ‘we need a Brexiteer’
Farage says Brexiteer should be governor of Bank of England
Nigel Farage insisted a Brexiteer should have been made governor of the Bank of England as he hit out at Andrew Bailey over interest rate hikes.
The politician-turned-broadcaster claimed the “economic incompetence with which this country is now being led beggars belief”.
The GB News presenter called for Bank of England governor Mr Bailey – who took on the role in 2020 – to go.
Mr Farage insisted the job should have gone to a Brexiteer who “believed in making us competitive”.
His comments come as the Bank of England today pushed up interest rates to five percent, the highest in almost 15 years.
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In a furious video on Twitter, Mr Farage said: “The economic incompetence with which this country is now being led beggars belief.
“Andrew Bailey didn’t see inflation coming, when it started he said it was transitory, he didn’t put rates up.
“And because of that our inflation rate is now higher than that in Europe and in America.
“Now rates are going to soar and anyone with borrowings is going to pay the price.
“This bloke is a total incompetent. We needed a Brexiteer as governor of the Bank of England, someone who believed in making us competitive.
“He is no good, it’s time he was sacked, it’s time Rishi to ditch the dud.”
The 0.5 percentage point increase was the sharpest increase since February, surprising economists who had been expecting a smaller hike of 0.25 percentage points.
It follows a higher-than-expected inflation reading in May as continued price rises forced policymakers into action in a bid to bring inflation down to the two percent target.
Governor of the Bank of England Andrew Bailey said: “The economy is doing better than expected, but inflation is still too high and we’ve got to deal with it.
“We know this is hard – many people with mortgages or loans will be understandably worried about what this means for them.
“But if we don’t raise rates now, it could be worse later.”
The move is set to deepen the mortgage crisis as borrowing costs are hiked up for the 13th time in a row.
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