It’s crazy that the government is blaming the Bank of England for the economic chaos, even when Bailey’s performance has been abysmal

TIME for a reality check on the real causes of our economic chaos.

It’s crazy for the government to blame the Bank of England alone. . . even if Governor Andrew Bailey’s performance was dismal.

It's crazy that the government is blaming the Bank of England alone, despite Governor Andrew Bailey's dismal performance

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It’s crazy that the government is blaming the Bank of England alone, despite Governor Andrew Bailey’s dismal performanceCredit: EPA

No10 cannot escape responsibility. The markets were feverish enough when Kwasi Kwarteng unveiled his mini-budget.

A lot of it was popular: the energy bailout, 1p tax rebate, reversal of social security growth.

But the sudden, unspoken tax cut for the rich, plus promises of more tax cuts — which won’t cost the Office of Budgetary Responsibility — sent the city into a panic.

We know Liz Truss was in a hurry to unleash her pro-growth revolution — last month’s -0.3% plunge shows why — but the timing was disastrous.

The root cause, however, was the bank’s failure last year to recognize inflation as an enduring threat. It has raised rates too timidly and too slowly.

Putin’s war then spiraled it out of control.

The bank has since bought bonds to reassure markets, told them this would end tomorrow and then reportedly reversed.

Mixed messages are not what they need.

Mighty global forces are also at play. Mortgages in much of the West are even higher than here. But just yesterday the PM fueled the chaos by claiming government spending would not be cut.

Then how can she balance the books?

Truss and Bailey desperately need to sing from the same sheet music.

The chaos is terrifying. Markets crave stability and trust.

Ours don’t have either.

Shame shame

ANY Tories planning to use Labor wreckers to thwart fracking should be ashamed.

With energy shortages, families plagued by soaring bills and vast sums of money waiting to be invested in British shale oil, it would be crazy not to explore.

We hope that locals are given decent incentives to overcome their fears – generated largely by unfounded eco-fear-mongering that plays perfectly into Putin’s hands.

Only Just Stop Oil’s ambulance-blocking doomsday fools believe you can power Britain without investing in new fossil fuel sites.

They will be critical until we have enough secure net zero capacity from wind, solar and nuclear.

The potential of shale as a job-creating source of cheap gas seems immense.

The objection that it “won’t cut our bills” is pure gibberish.

Ask Americans how slates cleared theirs.

blood crisis

OUR blood supplies are at crisis levels.

We all can help solve it.

This unprecedented problem, which is forcing the cessation of non-urgent surgeries, is caused by a lack of staff, but above all also by a lack of donors.

The NHS has enough problems without being crippled by something so fixable.

donate blood today . . Help others and the NHS.

Go to www.blood.co.uk

https://www.the-sun.com/news/6429315/bank-england-failure-government-blame-bailey/ It’s crazy that the government is blaming the Bank of England for the economic chaos, even when Bailey’s performance has been abysmal

DevanCole

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