Saturday, May 20, 2017

Carney Largely To Blame.

Don Wood, Howden.
MARK Carney, governor of the Bank of England, has once again been spreading his tales of gloom and doom about the economy and, of course, blaming it all on Brexit.
He, of course, omits to tell us the real reason for the rise in inflation and the resulting rise in prices.
This is because shortly after the referendum vote when the pound was already recovering, Mr Carney, in an attempt to damage Brexit, cut the BoE base rate from the already stupidly low 0.5 per cent to 0.25 per cent.
This resulted in everyone selling the pound, causing its value to fall, and the knock on effect of inflation rising causing a rise in the price of imported goods.
Mr Carney alone is responsible for this and no one else. In keeping the base rate at such low levels, he is also creating a personal debt mountain as people borrow more than they can pay back. Yorks Post.