The Bank of England printed too much money. They bought too many bonds at crazily inflated prices. They kept interest rates too low for too long. That gave us a big inflation, as some of us predicted.
They then blamed the inflation on rising energy costs following the Russian invasion of Ukraine. They refuse to explain why inflation was three times target before Russia attacked. They are silent on why big energy importers Japan and China did not have the high inflation when energy shot up.
Too late  they shoved up interest rates. They destroyed money. They sold bonds at depressed prices. They sent the bill for all the losses to the Treasury to make taxpayers pay to bail them out. This has now delivered the shallow recession and downturn some of us predicted.
So why do we put up with this level of incompetence? It was obvious to anyone who studies money and credit that they lurched from too much to too little. The Bank refused to comment on money and credit, and revelled in a model of the economy and forecasts that were wildly wrong. They forecast 2% inflation for the period when it hit 11%.
What should they do now? Change their model to get their forecasts more accurate. Strengthen the Monetary Committee with some who do think money and credit matter. Stop selling bonds at  huge  losses. Allow sufficient money and credit to accommodate a bit of growth.
February 16, 2024
They should not be given the chance to do anything. They should be SACKED for incompetence. Their reputations should be destroyed such that nobody will ever employ any one of them again.
If the Government donât do this, they admit they are complicit and guilty of incompetence too.
I which case we will suck them regardless of the idiocy of their replacement.
February 16, 2024
Well they are very clearly complicit. Sunak was Chancellor when many of these error were made and PM later. Other things pushing up inflation are tax increases, the net zero lunacy (we have energy cost 3 times those of the USA), lack of housing due to planning restrictions and open door 750k net PA legal mainly immigration, the mad net harm lockdowns, the dangerous and ineffective net harm Covid vaccines – even for those who never needed them, OTT red tape, giving loads of housing and hotels to migrants has pushed up these costs hugely.
It seems natural gas prices and to a degree petrol and oil costs have returned to pre Russian Sanctions levels and yet retail prices are still far higher than they were. Standing charges poll taxes for zero fuel vastly higher too.
February 16, 2024
Yes frankly the BOE had no choice when Sunak and Johnson splurged in 2020-21 and gave the whole population a long holiday. It set in train an attitude saying the government would subsidise lives indefinitely.
February 16, 2024
Lynne is correct. The Uni party had the power to take back control from BOE and scrap left wing ONS and OBR. Own the responsibility JR stop blaming others. Tory party wasted 14 years copying Blaire instead of rebalancing back to sensible right of centre conservatism. If
JRs party could have honoured their manifesto and delivered Brexit instead of thwarting it through lock step, cut immigration to tens of thousands instead of importing 3.5 million people. The govt does not know or control who leaves the country. The unreliable estimated figure should be given huge caution. We also do not know how many illegals are coming in through Ireland.
Sunak claimed when he backstabbed Johnson he had to run for leader because of by-election defeats, what about last night? Will he resign now he has another record of losing by-elections since WII?
Labour demonstrating Jewish racism is still rife throughout Labour, line dems lost deposits over post office scandal concerning Ed Daley and Reform in ascendancy!
Rees-Mogg has lost the plot to say support for Sunak is solid! JR, oust him or accept your party is done
February 16, 2024
Indeed and most of the state sector, banks etc. got used to âworkingâ from home so very little works much now.
February 16, 2024
It’s difficult to decide whether the Treacherous Tories were just complicit in the destruction, or deliberately engineered it.
February 16, 2024
@ Lynn Atkinson, Lifelogic +1
Witness the malicious destruction of the UK and its people by the Socialist Doctrine of the remain loving Conservative Party and its complicit Parliament. Never have so many ganged together to fight the people.
February 16, 2024
Remember Powellâs last word âthe People will win in the endâ.
February 16, 2024
Sunak in his statement on the disasters for him of the bye-elections seems to think it is still âmidtermâ but he did get one thing right âlittle enthusiasm for the alternativeâ. Indeed and why âlittle enthusiasmâ because broadly they have the same disastrous, net zero, big government, open door immigration, tax borrow and piss down the drain socialist policies as you Sunak. Just with a pointless mugging of private school users and Non Doms added. Both will do even more damage and raise nothing. Perhaps you should take the hint and get some sensible policies Sunak but all rather too late now mate.
Also please stop the Covid Vaccines now and apologise to the house for misleading us that they were – unequivocally safe and effective – they were net harm and the vast majority never even needed them anyway. Also say sorry to Andrew Bridgen too – as he was/is clearly just telling the truth if you just look at the stats. or just get someone competent and honest to do so for you.
February 16, 2024
Lynn, wise up. You’re being played. It’s nothing to do with the Bank of England. It’s everything to do with the party that has been running this country for the last 14 years
February 16, 2024
No it is very much both. Carney and Bailey are dire. The foolish Andrew Bailey a history graduate even gave us âone size forâ all rip off personal overdrafts at UK banks 40% to even 70+ % at one stage. Mine before this was at base plus 2% so now can only be used for over night emergencies if at all.
February 16, 2024
The Monetary Policy Committee (MPC) is made up of nine members â the Governor, the three Deputy Governors for Monetary Policy, Financial Stability and Markets and Banking, our Chief Economist and four external members ”appointed directly by the Chancellor”.
https://www.statista.com/statistics/1409326/uk-banking-total-money-supply-m1/#:~:text=The%20M1%20money%20supply%20in,to%20the%20COVID%2D19%20pandemic.
Please note, M1 increase is largely from BoE buying Gilts, see this took off in 2013.
February 16, 2024
The BoE hasn’t used M1 for years, it is only approximated for EU monetary data. M4 is the “money” aggregate and M4L the “credit” aggregate. Google: A3.1 – Monetary financial institutions balance sheet counterparts to M4
February 16, 2024
Yes all three of the financial ombudsman service, financial conduct authority, and the bank of England are terrible, incompetent, corrupt, absolutely the worst the public sector can deliver. Theyvmake the NHS look performant.
February 16, 2024
And that is really saying something. My niece works for a big accountancy company and is on a 5 year âproject/contractâ from the NHS. Any managing that is done is done by outsiders.
I believe the financial bodies do more health damage to the U.K. population than the NHS – and that also is saying something.
February 16, 2024
How would you get them to admit that? Itâs not what people say about them that counts, itâs what you can get them to say about themselves that matters.
February 16, 2024
It’s all part of the Net Zero plan. Remember the BoE was given responsibility for achieving the target.
Taking massive amounts of taxes off us, public services dire but the net zero gravy train rumbles on.
Cut the crap and inflation will drop and the economy will grow.
Wll done Reform a real challenger party in the wings.
February 16, 2024
Ian, you are correct.
Rogue parliament is back in Full swing under Sunak and Starmer. EU lockstep and global bodies taking control of our country through weak insipid politicians. UK National interests being dumped for left wing global ideology.
February 16, 2024
Indeed and the only party wanting to ditch the total insanity of net zero is Reform. Alas they will be lucky to win a single seat let alone any power, this despite having the most sensible policies. Such is first past the post voting combined with the many always have always will voters and the fairly even spread of Reform Voters.
February 17, 2024
Reform couldnât even win with Ben Habib in a by-election when the repercussions arenât as serious and a real message would have been struck had all the reform supporters who pop up here insist. They will just secure a Labour victor without any real effort or need to take care when they are elected with their promises of taking from private pensions whilst protecting their union sector pensions, extra bands on council taxes for all in England, big tax increases for the best and brightest, the wealth creators. Big interference in the labour market will just cause more jobs with fewer hours, part-time work and people being laid off as business bolts down. Younger people will have time to get over a Labour government, those retiring soon wonât.
February 16, 2024
If reform ever do win any power it will take many years. I will probably be nearly dead. After Starmer wins people forget how useless and dishonest the Tories were and the current anger will die back and they will recover. But suffering Labour for many more term is a dire prospect. Nothing to lose by ditching Sunak now for a real Conservative.
So Labour are starting to talk to the civil service to prepare for their government should they win. It was of course an act of gross negligence (criminal?) by Cameron and the Civil Service not to have prepared for the likely EU Brexit vote in a similar way. But they did not this wasting billions in endless delays and Mayâs dissembling & dithering following the vote.
Hopefully they will point out to Starmer that his two tax grab plans – VAT on school fees and non dom abolition will cost money and raise nothing. Though he and his Chancellor to be must surely must realise this.
February 19, 2024
Yes , they are looking to change the law on misconduct in public office. We all can guess what they are up too. No need for changes. Leave it be. I have little to zero trust in our institutions.
February 16, 2024
You seem to be suffering from the delusion that someone in the Not-a-Conservative-Government has a spine – or even a sense of self-preservation – when there’s no evidence to support it.
February 16, 2024
Indeed they seem determined just to hold on to the current broken compass direction right to the bitter end and then get destroyed to be replaced by the same but even worse from Starmer and Labour. Though with a big Labour majority as looks likely they might well ditch Starmer for even more mad red blood Socialism.
February 16, 2024
No politician, government, or Parliament is going to admit to as big a mistake as Net Zero or mass immigration. So it will be necessary to remove almost all of the uniparty (both Conservative and Labour) MPs to stop this madness which is destroying the country. And even then to overcome the Civil Service, the judiciary, the educational establishment, the MSM and numerous quangos, âOffsâ and institutions who will be refusing to enact any new government policies it will be necessary to hold a series of referendums.
February 16, 2024
Well said Lynn, I think the reason they are not sacked is the chancellor is as incompetent as them.
Just look at his employment record!
February 16, 2024
they certainly ‘suck’ but I think you meant sack?
February 16, 2024
Yes I did – corrected below.
February 16, 2024
âŠin which case we will sack them regardless of the idiocy of their replacement.
February 16, 2024
Godd morning.
Come on Sir John we have been here before on numerous times.
You have to ask yourself why the BoE printed so much money ? It was to inflate the economy to get it moving. Yes interest rates were too low for far too long. The name of the game has been twofold.
1) To debase the currency.
2) To engineer a recession to drive down spending and curb inflation.
The problem is, number 1) counteracts number 2). Because we are importing so many things, and these things are in dollars the price, and therefore inflation, goes up and up. This means interest rate either remain where they are or, have to rise further, adding to costs due to borrowing.
We need to cut taxes and reduce spending allowing the Private Sector to take over. Because if we do not get a hold of the economy people are going to stop buying UK Bonds.
February 16, 2024
The Currency was indeed debased with QE and this while Sunak was Chancellor. Now he claims credit for the halving or the inflation the he Sunak and the BoE caused! Inflation the one âpromiseâ that has been hit. No growth, no reduction and NHS waiting lists, no reductions in state debt, immigration mainly low skilled legal and illegal is out of control. So they lose a 10,000 majority (Sunak said judge me by my results) to Labour despite the fact that Labour have all the same mad policies that very few people want. Ben Habib is an excellent candidate with sensible policies (drop net zero for a start and vastly reduce the boats and legal immigration, he read Nat Sci at Camb.) a great shame he was unable to win more votes, this given the rigged voting system.
No change no chance, as they correctly said with that fool John Major before he buried the party for 3+ terms prob. no chance anyway, but nothing to be lost by ditching Sunak. Who would want to be an MP under net zero socialist and failed Chancellor and PM Suank. A man who lies he has cut taxes and is still jabbing people with dangerous and ineffective Covid Vaccines while lying to them they are unequivocally safe.
Has Post Office appeaser and net zero loon Ed Davey resigned yet given the results today – he is taking a long time.
February 16, 2024
Who would trust a Backstabber who puts other nation interests first? What part does JRâs party not understand? JRâs party ignored their supporters, activists and voters and put unwanted Sunak and Hunt in charge!
Sunak was going to implement the 2019 manifesto and shamelessly ignored it giving away N.Ireland, he made five of his own pledges to be judged by and has resoundingly failed them as well!
How many Tory MPs have already jumped ship as it sinks? 61? Tory MPs are already giving up but doing the obvious thing get rid of Sunak, Hunt and left wing socialist one nation types.
February 17, 2024
Isnât inflation just in line with America? All the charts I see shared on X show we are in lock step with them.
February 16, 2024
To inflate the economy because they’d stopped it in its tracks. Oddly 20 something percent still seem to support this hopeless crew. Even when they bring back Cameron! What will it take for these people to see sense?
February 16, 2024
@MARK B +1, ‘reduce spending allowing the Private Sector to take over’ create the environment that funds the tax cuts. Governments, the ‘Blob’ should never be anywhere near anything that requires actual work to be done
February 16, 2024
I’m unqualified to comment on economics, but I think I can see some reasons why we have a problem.
Firstly, unaccountability. The Bank does what it likes, and many politicians find it useful to blame the bank for failures but claim any successes for themselves.
Secondly, big powerful bureaucracies never honestly critically examine themselves and change entrenched views/methods of working to improve their work. Same goes for most politicians.
Thirdly, who pulls the Bank’s and our politicians’ strings (kind host excepted)? I don’t believe they have the best interests of the UK voter at heart, and/or are so deluded by their own infallibility that they are prepared to harm us, in order to create a “better” world (e.g. net zero).
February 16, 2024
Excellent comment.
I just cannot for the life of me see why the Conservatives have carried on with this model with everything falling down around their ears, if not for the purpose of following the wishes of someone else.
February 16, 2024
The blue sky is just about visible if you stare through the fog of dust and collapse around you!
February 16, 2024
M,
To pave the way back to EU. Already in lockstep with a Sunak promise not to compete with EU neighbours.
February 16, 2024
Well rather hard to get a body of âgroup thinkâ people to do a U-turn. Net zero for example is obviously environmental, economic and scientific lunacy and a con trick but even JR seems unwilling to argue this line. It is fixed in law and 90%+ of MPs support it (almost non have any understanding of energy, science, energy economics, climate, CO2 or engineering needless to say).
February 16, 2024
âIâm unqualified to commentâ So are most MPs amd Ministers especially on science, energy, economics, physics and engineering never seems to bother them much!
February 16, 2024
No, the Bank has no power at all. In our constitution only Parliament has power, and that is controlled by the Conservatives. So whatever goes wrong, goes wrong because of the Conservatives. What to do ? Reform. âReformâ
February 16, 2024
Bloomberg also looked at the development of GDP/capita. Those figures show a negative trend since 2022.
February 16, 2024
Indeed virtually no growth in living standards for very many years and with very obvious causes:- 750k PA low skilled migrants undercutting wages often on far more benefits and free schools etc, than they ever pay in tax, (also causing lack of cheap housing), a huge and bloated expensive and inefficient state, road blocking, a rip off mad net zero energy policy, taxes far too high (and complex a tax on top of tax), vast government waste and corruption (Covid Vaccines, HS2, PPE, incompetent defence procurement, incompetent defence recruitment, Climate Propaganda for the Navy staff even⊠renaming London train lines to promote the Major, the lockdowns, the net huge huge harm done by Covid vaccines on top of the costs, the rigging of markets in health care, schools, energy, heatpumps, EVs banking, broadcast markets, road blocking, ineffective zero deterrent policing and courts, soft loans for largely pointless degrees⊠enough for now!
February 16, 2024
The vast woke, diversity over ability, equality & equity lunacy. Who wants to be flown by or operated on or judged/defended by diversity appointees?
February 16, 2024
LL, +++. If a hostile ruling body (and there are such waiting in the wings) wanted to trash the country lock stock and barrel, culture too, would it change any of the current policies of this absentee Not-the-Conservatives government?
The madness is compounded by the apparent success of the even more deranged opposition.
February 16, 2024
Yes, GDP is so easily manipulated by government spending. We really need a ‘Private Sector’ GDP read, to get a better look at economic performance. I think that would terrify the civil service, it’d make public / private productivity a very sobering calculation!
February 16, 2024
One word: Immigration plenty of refugees from the EU – canât blame themâŠ.
February 16, 2024
That’s a first Peter. I agree with you entirely re GDP/per capita. Mass immigration is the cause with no benefits to English tax payers. Just health, housing, education, dentists waiting lists. Most are minimum wage earners and are a net cost to taxpayers. Imposed on us by the dishonest Tory’s without mandate and soon to be annihilated for their betrayal.
February 17, 2024
Are all the recent immigrants counted in those figures PVL? Millions and millions of people not allowed to work. Being supported by the State in ways most British people arenât with free housing, food, and healthcare, unless you are a single parent and universal credit during covid showed lots of Brits they didnât have to work full time because our benefits system of tax credits made up lost income.
February 16, 2024
Oh!
I thought the economy had âturned the cornerâ? Iâm sure the PM said that!
Downwards then?
February 16, 2024
Sunak said they had cut taxes, that he would stop the boats, that the Covid Vaccines were unequivocally safe at the despatch box. Yet taxes are still going up vastly and they are still jabbing people with net harm Covid vaccines for no reason. Compensation of ÂŁ120k max even if maimed for life or killed and then only then if you are more than 60% incapacitated – so you prob. need to lose the use of three limbs two might not make it. The blood contamination scandal again but about 1000 times larger in numbers. Perhaps he is not âlyingâ and is just very stupid indeed but they do keep telling us how very bright he is!
February 16, 2024
Yes I read somewhere that the âpush me pull youâ approach is straight out of the authoritarian playbook.
Designed to confuse and demoralise.
In 1976 in America they stopped the swine flu jabs after only 10 weeks and paid millions in damages to 500 or so people.
February 16, 2024
Maybe there werenât so many vested interests in those days?
February 16, 2024
+1
February 16, 2024
I was Chancellor Hunt…
Unfortunately he didn’t mention that around the corner was a steep hill going downwards…
February 16, 2024
…to the cliff edge.
February 16, 2024
This issue is no longer relevant simply because it’s now history. Moreover the electorate wouldn’t understand QE, inflation and the bond-market, even if you sat them down and explained it to them in the most simplest of manners using a white-board, crayons and a language applied more in children’s storybooks than in simple economic theory.
What is important is that your party’s had fourteen years to smash Labour’s powerful,progressive political state into the dirt. It didn’t do this. What it did was accept Blair’s poisonous agenda, expand it for an easy life (‘going with the narrative’ as Cameron so arrogantly named it) and now we face it the horror of a Neo-Marxist government that will finish the job started by another Oxbridge snake, namely Jon Powell, to destroy this nation, its culture and its democracy using mass immigration, collectivist theory and vile Gramsci tactics to take political ownership of our institutions and our civil space
What is important is that those who vote Labour, Tory and SNP suffer the ful cost of their electoral ignorance, stupidity and naivety. Labour died in 1976. The Tories died in 1990. The SNP is a vehicle of hate. The voter is voting for parties THAT NO LONGER EXIST. That is the true story here, deception
February 16, 2024
First past the post will alas give us Labour or Tories yet again. Labour for perhaps 3+ terms is a dreadful prospect but then Sunak is so little better and has almost zero chance anyway. Betting odds suggest about a 3% chance of an overall Tory Majority – and this against an appalling alternative will almost identical policies – well done Sunak. Nothing to lose just ditch the man, ditch net zero, cut taxes, halve the state sector and cut immigration by 90% to high skilled only people.
February 16, 2024
Well said Dom.
Agreed LL. It is so obvious they have nothing to lose by ditching the back stabber. The budget will be the final nail in their coffin.
Labour will lose millions of votes now that racism is shown to be still institutional throughout its party, Ed Davie will not escape public anger over his dreadful role in the post office horizon scandal. He cannot blame others as he ignored Mr Batesâ letter.
February 16, 2024
Davey was even paid âconsultancyâ fees by one of the Post Office lawyers it seems.
February 16, 2024
I donât think the tories care one single hoot about the election.
They are obviously ideologically aligned with Labour , SDP and prob SNP and goodness knows who else.
Having created the desired chaos they will enjoy their time in opposition (aka agreement) until such time as another âAll changeâ is ordered.
February 16, 2024
Everhopeful :
Correct.
February 17, 2024
I agree Everhopeful, my MP already resigned off to green pastures. The millionaires at the top of the party donât need to worry about the results of their actions thatâs why they are there, but loss of honour and integrity is not a good look. Yet I guess we still get Major and Blair forced down our throats.
February 16, 2024
1976 when Wilson stepped down and we got Callaghan? What a choice Tony Benn, Michael Foot & Denis Healey with his moronic 98% income tax – but then under Osborne, Hammond, Hunt some are effectively above 100% now for Landlords. We have economic idiots in charge. At least Wilson kept us out of Vietnam. He was good at lying to he went on TV in 1967 to âreassureâ (lie to) viewers that the âpound in their pocketâ would be unaffected by the devaluation of sterling.
Not just the ones in their pocket but in the salaries and banks to were debased as with Sunakâs QE.
February 16, 2024
The marginal tax rate is way over 100%. Add it up.
February 16, 2024
There’s a lot of truth in what you say
February 16, 2024
DOM, +++++. Thank you for the uplift after the sunak Tsunami. You express my disgust perfectly.
Who’s listening? Inaction speaks as loudly as the silence within the conservative party.
February 16, 2024
++++
With Labour’s appalling track record on finances, mass immigration, the destruction of social cohesion/morals and education to name but a few, the Conservatives had they reversed it all could have been in office for a very long time. Rotherham alone should have secured that for them.
Yet, they made no attempt to try to rectify some of the damage.
Quite the opposite, they’ve added to it all.
Now they’ll just pass the baton back to Labour to finish the job as you say.
However it speaks volumes about the electorate doesn’t it.
All those people complaining about ULEZ, mass immigration, the boats, crime etc. now turn toward Labour!!!
You couldn’t make it up.
I’m done with them as much as I’m done with the mainstream politics/media.
February 16, 2024
We should move the inflation control to Mystic Meg , I once read she is better qualified at predicting the path of inflation.
On the serious side the BoE went too slow with the interest rate rises they should have upped them to 4 % straight away. Inflation will not reach 2 % by April ,you don’t need to be a Meg to know that.
February 16, 2024
BoE brings us a technical recession, and I would add, ably assisted by HMG.
The supposedly 6th wealthiest nation in the World suffered a GDP drop of 0.3% last quarter of 2023, but far more significant, HMG have managed to reduce the GDP of individuals in ths UK to about 27th place in the World league table. So who in the UK is accumulating the loot, not the people for sure. It looks like a deliberate ploy by HMG to impoverish and thereby control the people.
Kingswood and Wellingborough have given their answer in protest and elected Labour in desperation. An act of self harm. God help the people of the UK if they think that this is the answer to UK woes.
February 16, 2024
Agricola again.
Sorry, Wikipedia puts us the UK at 21st in the per capita World League table. Virtually all above us believe in individual success and the growth of private wealth. Thanks to HMG we are passengers on the Titanic.
February 16, 2024
27th in GDP per cap at PPP but just above the French still it seems. But then many workers in France only work circa 30 hours a week, have rather long lunches and often retire at circa 50 it seems. Their healthcare system works reasonably well too. If you live in the South of France not much heating is needed most of the year either just the odd wood fire in winter and you can live largely off foraged foods, herbs, salads, fruit, nuts, funghi, veg, snails, frogs or hunting wild boar. Why do they want to get into those dangerous RIBs at Calais I wonder?
February 17, 2024
According to LL (see above), France is just behind the UK with its people âonly working circa 30 hours a week, often retiring at circa 50â.
In such conditions (see ons.gov.uk, 11/01/2023, âInternational comparisons of UK productivity, 2021â) whether looking at âOutput per hour worked: direct methodâ (UK: ÂŁ43.59, F: ÂŁ51.45) or âcomponent methodâ (UK: ÂŁ46.92, F: ÂŁ55.50), a message should now be clear: Sir John should not let people writing all day long on his blog but instead encourage them actually (to go back) to work. Such a 10% positive difference in productivity for less time at work (LL dixit) is really the confirmation that Brits are a bunch of slothful idlers, isnât it?
February 17, 2024
Are you paid by someone to be here Hefner? Is this just paid work for you?
February 18, 2024
a-tracy, I had answered your questions last night but âthe ways of the lord are inscrutableâ and my comment did not appear.
February 18, 2024
Oh well, just wondering if you felt you were being productive or unproductive here.
February 16, 2024
Desperation or recognizing abject failure over and over again?
February 16, 2024
If the UKs true population numbers were used I suspect we would be lower than 27th.
February 16, 2024
There is no political answer on offer, to the UKâs woes.
February 16, 2024
Well I came to the conclusion that ‘Levelling Up’ meant levelling this nation down in world standard charts.
Much the same happened here over time in the social/education sphere. Levelling everything down to the lowest common denominator.
February 16, 2024
The GDP growth figures are around 0% and have been for years. There is no noticeable difference between a -0.2% for two three month periods and a -0.5% and +0.1% growth rate.
The real scandals are the low GDP for the past 15 years and the the recent surge in migration diluting GDP per head.
The Conservative Party are no longer a conservative and aspiration party and donât deserve to be in power. The population are trying to drag the Conservative Party back to their populist days but the globalist MPs seek the concentration of growth in the hands of a few international corporates.
The simple fact is the Conservatives can never be popular enough to win elections if they donât put the majority of the population first.
The Labour Party offer improvement to the majority by bleeding the minority of taxes and handing it out to the feckless.
February 16, 2024
âThe Labour Party offers (only the dishonest delusion of) improvement to the majority by bleeding the minority of taxes and handing it out to the feckless.â
This as many of the minority will leave, stop working so hard, employ tax avoidance or even evasion. The feckless will increase hugely with the higher incentives to be so. Very hard to raise more than about 40% of GDP in taxes for very long & if you get away with it one year you just get less growth and less tax take for the next few as people leave or adjust their working styles. You just slowly throttle the geese that lay the golden eggs and all get poorer.
February 16, 2024
J,
Spot on. JR and a few others are a fringe group among a left wing New Labour group with the likes of Trecherous May, Damian Green etc.
February 16, 2024
The Labour Party hand the money out to the state to spend on the feckless. The state gets bigger and bigger and less and less effective.
By-election turnout figures are the real horror for all politicians. These two new MPs donât have a mandate. Fewer than half want to be represented in this Parliament.
Democratic government is rejected – now there is food for thought.
February 16, 2024
The writing on the by-elections walls writ large – Tories hammered. Massive GE losers will strip the Party to bare bones. Predictions appear to be pretty accurate.
The country has had more than enough of Tory shambles in Government.
February 16, 2024
MT,
By-election results are more interesting – to me, anyway. On here we seem to get endless articles about Net Zero and the Bank of England. It has all been said before but nobody in government listens.
Meanwhile, the usual by election excuses – difficult local circumstances, mid terms are never a reliable indicator etc etc.
I donât think Sunak campaigned, or even appeared at either constituency. Keeping his head down seems to be his modus operandi.
Reform did not do particularly well. They need greater visibility and a set of policies that people are fully aware of.
A general purpose protest vote will not win seats. Farage would do well to stay on the sidelines, survey the damage after the general election and take it from there.
February 16, 2024
Reform (Tice) say they will be publishing what amounts to a manifesto very shortly.
Should Farage decide to support in some way – an awful lot of those stay-away voters just might put the cross in Reform’s box. I wouldn’t dismiss so readily. A week is a long time in politics.
February 16, 2024
Peter : “Reform did not do particularly well. They need greater visibility and a set of policies that people are fully aware of.”
Reform gained nearly 3 times ss many votes between the two byelections than the Lib Dems. So will the BBC give Reform 3 times more airtime than the Lib Dems?
February 16, 2024
The PM was a banker he could have intervened. If he did not exercise his power then he needs to take the blame.
Captains donât complain.
February 16, 2024
âWhat should they now do?â In a word resign. But of course they wonât. The entire Board should be sacked.
February 16, 2024
The Chancellor, Sunak, approved the Bank of England printing too much money” to fund the Covid Lunacy.
The current Chancellor, Hunt, has been approving the Bank of England selling the Bonds at too low a price, transferring the loss to taxpayers.
The Net Zero lunacy, which the Not-a-Conservative-Party has been enthusiastically imposing on us, is largely responsible for the ridiculous cost of energy in the UK. Putin didn’t blow up our coal-fired power stations. Putin didn’t refuse to frack for gas. Putin didn’t decide to import expensive energy from the continent when the semi-useless windmills don’t generate enough. Putin didn’t choose to import LPG and wood pellets from the USA.
Bailey made it quite clear several months ago that the BofE wanted a recession to drive down the inflation it had let rip. They’ve got what they wanted – the Not-a-Conservative-Party will pay the price because they have allowed it to happen.
Why wasn’t he sacked – pour encourager les autres?
February 16, 2024
Indeed why was Bailey or indeed Carney ever appointed both are dire incompetents green crap socialists. Bailey had already failed hugely at the FCA.
February 16, 2024
@Donna +1
February 16, 2024
Donna,
Nor did Putin force UK to buy 80% of our coal from him!! UK has 300 years of supply but prefer to import from hostile nations. EU increased importing LNG by 30% from Russia and Sunak has increased interdependence on EU!! He p,edged fracking and scrapped it once in office!
February 16, 2024
Donna, ++++, excellent comment, as usual
February 16, 2024
Spot on Donna.+++
February 16, 2024
Donna :
Good points on how Net Zero is causing our high energy prices.
February 16, 2024
Obviously Sir John is quite happy that the people running the BoE should stay in post. So not much real chance of change, but being really tough is beyond Sir John’s ability. He only talks about technical details.
It’s the same kind of refusal to change which is is getting the party kicked out of power.
What the people want is ignored. They think they know best and we know nothing and should be ignored.
Reply You can be as tough as you like and it will make no difference. I am engaging with those in office to get change.
February 16, 2024
Reply to reply.
Sir John, the only change your Softly Softly approach with the Blue-Green LibCONs will achieve is a Labour Government, as yesterday’s two By-Elections demonstrated (again).
We have very slow learners in CCHQ, No.10 and No.11.
February 16, 2024
Oh we have had that for decades – 34 years to be exact.
February 16, 2024
Reply to reply
So the people stay whatever they do, however much they fail. It is the same with government generally. No matter what is done to ruin our lives and our country you claim being on the inside and dealing with establishment people ( of which you prefer to be part ) will be more successful in getting change than getting them removed.
I’m sure you will have read Alistair Heath’s article in yesterday’s Telegraph. He’s says he’s realising that Britain is finished. When will you accept Sir John that your belief has failed and you are part of the failure because you cannot change. If you had been successful we wouldn’t be failing.
Reply You havent changed a single wrong policy
February 16, 2024
Neither have you, Sir John. Sunak hasn’t changed anything, just moved in lockstep with the EU on ICE cars.
Reply Change to oil and gas policy and to tax policy
February 16, 2024
Reply to reply
In fairness to SJR, he is in such a minority as can be ignored and suffers an excessive loyalty to the name Conservative that as a party has long ceased to be such.
February 16, 2024
One comment why are chocolate biscuits in the inflation figures. The whole thing needs a revamp.
February 16, 2024
Well Rod I buy them when I go shopping!
February 16, 2024
But don’t we all need a chocolate biscuit every now and then Rodney.
It was reported on one occasion that inflation had reduced slightly because fitted kitchens had become a bit cheaper! Doubtless the items they have in their inflation basket remain fairly constant on a pro-rata or percentage basis but surely with all the computer power they have available they should be using a dynamic model so that as, say, fuel becomes dearer it would move to a higher percentage of spending and chocolate biscuits might well be changed for a cheaper type of biscuit. It was indicated on one occasion that the people who calculate inflation regularly went round supermarkets to check on prices in spite of the fact that almost all of them are listed on websites.
It seems that the basis for calculating inflation is an outdated model from many years ago.
February 16, 2024
It must now be dawning on the Tories that allowing the blob to drag out Brexit and not concentrating on getting Brexit done and creating growth for the native British has circled round and bitten them extremely hard.
Democracy, like water, will always find its natural level.
February 16, 2024
@Javelin +1 oh so true
February 16, 2024
Javelin, the only thing that is dawning on the Tories, or at least on some of them, is that they need to find alternative employment. I believe 60 MPs have already indicated they’re quitting.
February 16, 2024
Javelin, another hit on the Bull’s eye, thank you.
February 16, 2024
Yes to water, but fish when out of water rot from the head down.
February 16, 2024
Went well yesterday. Brilliant idea putting Sunak in charge and sticking with him.
February 16, 2024
My thoughts exactly. Labour won in Wellingborough with votes only slightly ticked up and in Kingswood with less votes than when they lost in 2019. Starmer is a bit of a turn-off and Sunak inspires no one.
It will be different in the General Election when traditional Conservative voters ponder the prospect of a Labour government.
February 16, 2024
Dave Andrews : “It will be different in the General Election when traditional Conservative voters ponder the prospect of a Labour government.”
Not this time round. The Conservatives have cried “wolf” once and then gone on to implement with vigour the economy destroying Net Zero Strategy and massive nation and culture destroying immigration. For many, including many Conservative MPs, Labour doesn’t appear to be any different or worse.
February 17, 2024
I wish I believe that Dave but Torys have really convinced themselves it wonât be any change to them to have Starmer and the SNP together. They donât look at the 20 mph zones with big fines, the politically correct renaming of places and rail lines and the changes demanded of our institutions from who to hire to how much to pay them for how many hours. Own a house with a garden, you are a target. đŻ Run a company youâre about to be taken over without a ÂŁ1 being exchanged.
February 16, 2024
The by-election results tell us we have been taken for granted and fools by idiots in the “Conservative” Party” SJR. People are very angry.
February 16, 2024
and I noticed hardly anybody turned to the LibnoDems for an alternative !
February 16, 2024
Beyond angryâŠ.Labour won, and was allowed to win by the leadership & policy decisions, and in-action of this Tory government
February 16, 2024
+1
February 16, 2024
Off topic but looking at the by-elections
Why do we only see the percentage swings against 2019.
In Wellingborough Labour secured 70 more votes than in 2019.
In Kingswood it secured 5,000 fewer votes than 2019.
The swing is meaningless, Conservative voters stayed at home or voted Reform.
Rishi needs Conservative voters to come out he hasn’t got to convince Labour voters to vote for him. Reduce rents, ditch net zero, stop immigration and lower taxes, make sex paramount and ditch gender
Greens didn’t do very well in a time of protest did they
February 16, 2024
So who’s pushing the green agenda ….the people aren’t
February 18, 2024
NS perhaps the greens leant Labour their vote.
February 16, 2024
Immigration still absurdly high (Brexit was meant to radically tackle this) and now increasing from non-EU countries. At least before we were allowing in people with similar cultural and religious backgrounds – plus people from EU more likely to return to their countries after they’ve made their money.
Meanwhile, with all this high immigration, our economy still in the doldrums.
February 16, 2024
A new and sensible government should control the Bank of England instead of pretending it is âindependentâ when it depends on the Treasury paying for its massive errors at taxpayersâ expense to bail it out.
This government claiming to have succeeded in cutting the inflation it self-created by half, only to reach DOUBLE its own target is extremely daft. Labour correctly states that the PM claims the high rate was nothing to do with him, yet he similarly lies about claiming personal credit for the âcutâ.
Vote REFORM for none of the idiocy above.
February 16, 2024
Good morning Sir John
âThe Bank of England brings us a technical recessionâ. All the while those in charge and ultimate managers of the BoE this Conservative Government has in the words of a newspaper headline has brought us a âRISHessionâ. Another promise trashed!
The BoE has deliberately created the problem by fighting âBrexitâ, the Conservative Government has deliberately caused the problems by fighting the people.
There are no other words for it, itâs a malicious destruction of the UK.
February 16, 2024
Bungling incompetence has been the watchword of UK governments and establishment for the past 30 years. This latest episode from the BoE is but the latest example. Overburdened by taxation, the state bureaucracy, NZ, the absence of a coherent energy policy it is not surprising the UK has stagnated. Change for the better will not come from Labour or the Conservatives, only from the rise of a disruptive political alternative that enables a renewed private sector to flourish.
February 16, 2024
âRichard Holden, the chairman of the Conservative Party, described the Toriesâ twin by-election losses as âvery disappointingâ after Labour cruised to victory in Kingswood and Wellingborough.â
What would the rest of us call it â vindication!
February 16, 2024
âTory chair claims Reform ‘want to see Keir Starmer in Downing Street’ Reform UK want to see Sir Keir Starmer in Downing Street, the Conservative Party chairman claimed.â
Total rubbish, even if those that voted Reform voted with the Socialist Conservatives, they (the Conservative) would have still lost. It is the Conservative Government and CCHQ that want Kier Starmer in Downing street, they have given up everything but the destruction of the UK.
They don’t get it Reform is ‘is the centre ground’ of UK politics, Starmer & Sunak are the extreme Left Socialist part of the UK, there is no choice, just disaster or disaster .
February 16, 2024
Indeed they are incompetent, but then again competency has not been a requirement of those that govern us – ministers, civil servants, quangos, police etc- for quite some time.
Why does this have to change now?
February 16, 2024
LibDems lose deposit in Wellingborough & Kingswood
Greens lose deposit in Wellingborough
Tories second in both Wellingborough & Kingswood and I predict that they wont change any policy âŠnor leadership
February 16, 2024
Is it just the Bank causing this — I’d say the Chancellor had a big hand in crashing the economy with his misbegotten irrationality.
How much further will he shrink our income while still raising taxes in some back hand fashion?
The current Government will be known as the party that broke our trust in democracy – their deceitful and destructive actions are the last straw.
Why can’t the people who now support labour see this — If labour come into power they will make the Tories previous government seem like a golden age.
February 16, 2024
If you don’t sack people for failing to do their job, in this case, Andrew Bailey, you will not get any change or improvement. The Conservative Government not only tolerates mediocrity but it encourages it.
February 16, 2024
Apart from all the other problems we have, it would seem that our security services are now worried that terrorists may be coming into the Country using the small boats route (Times today).
Well you could knock me down with a feather, how many of us have been saying this for years.
It would seem that our so called security forces are now starting to actively track some suspects., when we all know that is simply not possible to do properly, as we do not have the numbers of people to carry out such work.
For goodness sake stop ALL immigration now, and for the next 10 years.
Another great reported uncovering today, growth per person has dropped in the UK, well what a surprise, if you keep importing and increasing the number of people who do not register for productive work.
The government has all these expensive advisers, but none seem to understand human nature or have any basic common-sense.
The electorate are now making that very clear !
February 16, 2024
The Bank of England is not fit for purpose…. and it is allegedly determined to introduce digital currency.
It is another of those organisations that needs total reform of staff and replacing with non political and capable people!
February 16, 2024
Only achievable with a Chancellor who has suffficient knowledge of how national finances work, and the necessary character, to tell the Bank how to do its job. That is to say, someone other than the present one.
February 16, 2024
Your government appointed Andrew Bailey knowing his history., it has failed to push back as it has across the Civil Service preferring to support the elites rather than the people that once voted for you.
As for recession/inflation, nothing to do with tax policies hitting growth whilst money hosed into public spending. Last or previous year private sector declined whist public sector grew. Youâre totally useless Chancellor in the grip of his left leaning Treasury, once again neither pushing back nor criticising.
Insane corporation tax rates and the most stupidest for a so called international trading country, stopping tax free shopping, losing ÂŁ10/11 billion to the economy plus trashing our reputation.
Spending millions and effort on a nanny state smoking campaign that will merely enable an underground culture whilst the ciuntry slides into inefficient bankruptcy and your party into oblivion.
You truly have children running No 10.
February 16, 2024
There was plenty of evidence before of a fun party but attended by grown-ups!
February 16, 2024
Rishi Sunak claimed the Kingswood and Wellingborough by-elections had shown there was not a âhuge amount of enthusiasm for Labourâ
Wellingborough _ Labour 45.9% Conservative 24.6%
Kingswood – Labour 44.9% Conservative 34.9%
⊠and the enthusiasm for the Sunak Conservatives?
February 16, 2024
As with todays âDairyâ – the problem remains the same. The refusal of the Sunak/Hunt duo to manage, the refusal to see past their own self-gratification and ego. Then the refusal of the âConservative Partyâ to get a grip! Rolling over time and time again not only accepting defeat but now actually programming it into everyoneâs Psyche is not people that want to win and serve.
Labour has never been this bad, but the are made to look good by incompetence shown by 14 years of Conservative Governments.
February 16, 2024
Both being multi-millionaires why would they feel anything to worry about? The only concern would be a Government that stole 90% of their wealth. Oh wait – thats just what they have done to the masses who are certainly NOT millionaires.
February 16, 2024
Sir Jacob Rees-Mogg said the right-wing of British politics must âreuniteâ in order to stop Sir Keir Starmer entering 10 Downing Street âby the back doorâ.
Confusing statement â the Conservative Government with its refusal to manage coupled with a spend, spend policy, high taxes and borrowing has mimicked Labour and is now well to its Left.
The UK middle ground is just the UK people with out a party or political support, they are conservative by nature, but have been ignored, betrayed by a pretend Conservative Government which has deserted them. So J R-M what is there for them to do?
February 16, 2024
What can we expect when the government refuses to sack Bailey ?
The recession, technical though it is, is a direct result of him leading the MPC to put rates up too far when it was obvious that inflation was mainly the result of external influences. The last two increases were unnecessary, and I stated that they would cause a recession here in the UK at the time.
Throughout his career, this man has been a serial failure but, because he is obviously an establishment favourite, his frequent mistakes, leave him immune to criticism by anyone in government. We saw from recent debacles at Natwest and the Post Office, that the establishment looks after its own.
Unsurprising, then, that Bailey is still in post, since Hunt, Sunak, and everyone else running the economy in Whitehall is cut from the same mould.
February 16, 2024
After looking at the two by election results, they suggest a number of things to me.
1. Although Labour won both, there was no overwhelming surge in Labour’s direction.
2. Conservative voters showed considerable disdain for their party in power and remained at home.
3. Conservative voters who are totally disgusted with their party in power have switched to Reform. Switching at polling rate of 10% in one case and well above it at 13% in the second.
I see absolutely no possibility of HMG filling all our potholes, resolving legal and illegal immigration to acceptable levels, recreating a viable defence force, reducing government spending and therefore individual and industrial taxation, resolving NHS waiting lists, giving us our own energy at 1/3rd of current cost a la USA, reforming our ineffective abysmally led police forces, preventing our streets and schools from being the stage for middle eastern conflict re-enactments,and drug fueled knife battles; or eliminating that cultural snake oil we call woke from the heart of the civil service, our armed forces, banks, and big business. They have nothing in place, but the odd bursts of rhetoric, that come nowhere near doing so. They have therefore forfeited their right to govern and should move aside for those who are capable of doing so. You need to be deluded to think that means Labour.
February 16, 2024
The Bank of England is more a symptom rather than the cause of what is wrong with the country and the Conservative leadership. After yesterday’s by-elections (and incidentally expelling Peter Bone from Parliament due to some opinion on a historic accusation rather than from a ‘beyond reasonable doubt’ conviction from a jury after a full trial was absolutely disgraceful) it should be clear even to the dimmest M.P. that as well as breaking 4 (now there is negative growth) of his 5 rashly made key promises emphasised throughout the whole of 2023, Rishi Sunak has no (or negative) popular appeal and must be replaced immediately, that is before the Budget, to attempt to prevent a Conservative general election disaster. A good new Prime Minister would sort out or downgrade the Bank of England symptom which Sunak and Hunt would evidently never do.
February 16, 2024
Just China and Japan!! What about USA, Canada, France, Germany? How did they fare?
February 16, 2024
The BoE has made huge mistakes ; its errors of judgement have made a mockery of our economic management , however, the mess is duplicated by allowing un-elected bodies to influence Government decisions . I point the finger to Sunak and Hunt who should have put things to right a long time ago . Today Labour are rubbing their hands with joy .
February 16, 2024
I have looked at Wellingborough and compared 2019 results with yesterday and conclude:-
1. The Labour Vote hardly changed.
(2019) 13,737. (2024) 13,844.
2. The Conservative Vote dropped from,
(2019) 32,277 to (2024) 7408. Put another way minus 24,869.
3. Reform did not contend in 2019, but 3919 voted for them in 2024. I think it reasonable to assume that this vote came from Conservatives utterly disgusted with the consocialists in HMG.
4. Conclusion, 20,950 Conservative Voters stayed at home. A shattering verdict on the last 13 years perfomance by HMG.
Incidentally the LibDem vote dropped from 4078 to 1422 yesterday. The Green vote dropped from 1821 to 1115 yesterday. So nobody is rushing in their directions.
Watch this space.
February 16, 2024
How did the turnouts compare?
February 16, 2024
John if you stand at the next election you will be one of approx 50 supposed Conservative MP’s if you get elected.
The whole thing is a nonsense. Who would have thought that a party which takes power from the individual and hands it to the state, taxes more, allows more immigration, shuts down British business in the name of “green”, would end up like this, eh? its all completely predictable.
Do us all a favour and move over to Reform.
February 17, 2024
Reform should stand down in Tories like Sir Johnâs seat, if they donât then they just confirm to me that they are idiots.
February 16, 2024
For some time there has been evidence that the Bank of England is not only poorly led and managed, but has a cavalier disregard for the national interest and a deep-rooted political prejudice. Much like the rest of the civil service, in fact.
Radical personnel change is needed in both.
February 16, 2024
But will Mr Bailey put up his hands and accept his guilt? No chance, he never has and never will, as it’s always someone else’s fault. Usually the workers.
Under his dubious ‘guidance’, the Bank of England has persistently got it wrong and either this inept, weak government gets rid of him or they force a return of the bank’s National and Currency responsibilities back to Parliament and Government. Today, they are just another department unfit for purpose which requires emergency surgery.
February 16, 2024
Sunak PLEDGED that the economy would grow in 2023. That was a flat-out lie like 4 of his other 5 pledges. The biggest joke is Hunt saying that at least we did better than the BoE forecasts. Given the BoE forecasts are always both pessimistic and wrong that is a meaningless claim. And if youâre going to blame the BoE then maybe mention who it was that appointed Andrew Bailey in the first place ?
February 17, 2024
I suspect Mr Bailey will be happier when Mr Starmer is under his thumb.
February 16, 2024
The sunak remoaner gambit has failed (or perhaps the plan was to destroy the Brexit tories anyway) Sunak should go immediately and perhaps only an uncontested return of Boris can limit the damage. Liz Truss had the better policies so hopefully the popcon rebuild can succeed in 5 or 10 years time.
February 16, 2024
The Bank of England do not make these decision in isolation.âThey collude with other central banks and decide common aims through the Bank of International Settlements, BIS.âIt is the BIS, World Bank, and IMF that have long had control and are trying to avoid its continual slip away.
The unusual public statements on Truss’s policies.âThe criticism of El Salvadore’s Bukele and now Argentina’s Milei.âThese are attempts to influence democracies from supra-national bodies.âAnd they have effect even if the leader stays on.
BISâs General Manager AgustĂn Carstens made a speech in March â19.âHe sees âno value in central banks issuing a CBDC so far and that experiments have not shown that new technologies would work any better than existing ones.âThere is no clear demand for CBDCs on the part of society.âThere are huge operational consequences for central banks in implementing monetary policy, and implications for the stability of the financial systemâ.
Three months later, Facebook announced their money, Libra.âThe BIS soon change to saying digital money may come sooner than we think and there is a market.âBut itâs a fake market the BIS and their central banks must run to avoid losing control.
February 16, 2024
I won’t bore you with too many figures from Kingswood.
In brief, Labour might have won but their vote was 5316 down from 2019. So nothing to get excited about there.
The only votes to increase were the Greens by 250 to a total of 1450. UKIP from 0 in 2019 to 129 yesterday and Reform from 0 in 2019 to 2578 yesterday.
Conservatives were 19,037 down overall, from which I suspect Reform took their 2578 and 16,459 stayed at home.
To me this confirms that the conservatives are in dire but predictable trouble. Labour have nothing to be complacent about
February 16, 2024
So why hasnât the Government sacked the Governor of the BoE?
Because he has been instructed to play his part in wrecking the economy and the country.
There can be no other logical reason.
Why else would a Government, Parliament, Civil Service, judiciary and a host of quangos, NGOs and institutions want to subject us to Net Zero, mass immigration, high taxes and high, wasteful spending, whilst at the same time funding organisations which take it to court and employing fifth columnists to attack our history, implement diversity to replace meritocracy, abolish free speech with cancel âcultureâ and cause racial, religious and gender divisions to ruin our education/culture, the impartiality in the judicial system, our economy and military capability?
February 16, 2024
Methane mega leak in Kazakhstan – same as running one million cars for a year ….why are we doing net-zero again
February 16, 2024
The Bank of England should not be allowed to do any of these things. Andrew Bailey should be sacked, the Treasury should take back control of the money supply and Base Rate should be cut immediately to 4%. The BoE should be forbidden to sell bonds at a loss prior to their expiry date.
The inflation rate target of 2% is an AVERAGE, not a minimum. To get back to an average of 2% will require zero inflation for 6 or 7 years. That would give us time to consider whether a 2% inflation target was ever a good idea. After all, it originated from Third Way politicians like MacMillan and Blair, top rank politicians but tenth rate economists, both of them.
February 18, 2024
Should the Bank be allowed to buy bonds at all? Perhaps not.