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COMMENTS DAILY MAIL: Bank of England governor clashing must grab tiller
They say that when a ship is desperately battling a storm, the time for panic is when the captain seems resigned to the inevitable.
If that’s the case, then Bank of England Governor Andrew Bailey would have had most people man the life rafts long ago.
As the man in charge of British monetary policy, Mr Bailey has one core job: to keep prices under control.
With the Bank this week forecasting inflation to hit a terrifying 13 percent by the end of the year, even its most ardent supporter would admit it’s a task it’s failing miserably.
That the governor just shrugs and blames inflation for the war in Ukraine just won’t wash away.
They say that when a ship is desperately battling a storm, the time for panic is when the captain seems resigned to the inevitable. If so, Bank of England Governor Andrew Bailey (pictured) would have had most people man the life rafts long ago.
The fact is he was way too slow in raising interest rates as the warning alarms started going off as we got out of lockdown.
As early as May last year, the Bank’s former chief economist Andy Haldane, one of the sadly few independent thinkers in Threadneedle Street, warned in this paper that the ‘inflation genie’ had already escaped the bottle.
And what about the constant doom and gloom? Bank governors need to inspire confidence. But listening to Mr Bailey on Radio 4 yesterday gloomily warned of a protracted recession as if it was out of his hands just unbearable.
Compare his defeatism to Liz Truss, who defiantly stated during Thursday’s leadership debate that recession remained far from inevitable with the right approach.
Miss Truss has also hinted that if she becomes prime minister, she may want to change the bank’s mandate. Such a move is long overdue, despite the howls of protest it is likely to provoke from strident established experts.
First, there is an urgent need for in-depth research into the process of how the Bank will meet the government’s inflation target.
It also needs a shake-up of the Monetary Policy Committee nomination process, rather than stuffing it with Treasury pumpjacks looking for a quieter life.
Meanwhile, the Bank needs to shed its recent obsession with climate change and wake up issues and focus on its primary focus: killing inflation and keeping our economy stable.
Let’s be clear: we are not suggesting that the government deprive the Bank of England of its independence. At this point, firing Mr Bailey is also not an option.
But it is up to him to convince the country that he is firmly in control. At the moment he gives the impression of being a governor who is hopeless at sea.
Punish rogue cyclists
Due to a secretive law, a rogue cyclist who hits and kills someone could face up to two years in prison.
That is why we welcome proposals from Transport Secretary Grant Shapps to introduce much stricter prison terms.
Why not go further and force bicycles to wear license plates?
Dangerous cyclists are just as reckless as dangerous motorists. It’s only right that they get equal punishment.
Transport Minister Grant Shapps says he wants to close an ‘archaic’ legal loophole, meaning reckless cyclists who kill pedestrians could only face up to two years in prison
Great Britain is not working
These days, all you need to do is make a doctor’s appointment or—God forbid—renew a passport to witness the chaos wrought by public sector officials choosing to work from home.
So it’s unbelievable that hundreds of spoiled civil servants have been told they’ll never have to go to the office again.
Meanwhile, tens of thousands of people only stay in the office a few days a week. Is it any wonder that nothing in Britain seems to work anymore?