Failure Praises Failure - Bailey Calls For Closer Links To The EU

Andrew "Two Lunches" Bailey's speech at the Mansion House yesterday, where he called for greater ties with the European Union, has been widely criticised as inappropriate and out of touch, especially given his disastrous tenure as Governor of the Bank of England.

A Disastrous Tenure

Bailey's time at the helm of the Bank of England has been marked by numerous failures. Under his leadership, the UK has faced persistent economic challenges, including high inflation, sluggish growth, and a lack of confidence in the financial markets. His inability to effectively manage these issues has left the economy in a precarious state. The recent GDP figures, showing a meagre growth of just 0.1%, are a testament to his ineffective policies.

Inappropriate Political Comments

As the Governor of the Bank of England, Bailey's role is to provide independent and impartial economic guidance. However, his call for rebuilding ties with the EU crosses the line into political territory. It is not the Governor's job to make political comments or advocate for specific policy directions. His remarks undermine the independence of the Bank and raise questions about his judgment and suitability for the role.

The EU Economy is Tanking

Bailey's call for closer ties with the EU is particularly baffling given the current state of the EU economy. The Eurozone is grappling with significant economic challenges, including low growth, high unemployment, and rising inflation. The European Commission's recent forecast paints a grim picture, with growth expected to remain sluggish and risks largely tilted to the downside. Aligning more closely with an economy in such dire straits is not a prudent strategy for the UK.

Conclusion

Andrew Bailey's speech at the Mansion House was a misguided and inappropriate intervention in political matters. His disastrous tenure as Governor of the Bank of England has left the UK economy in a fragile state, and his call for greater ties with the EU only adds to the confusion and uncertainty. It is time for Bailey to focus on his primary responsibilities and leave political commentary to elected officials.

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Bailey Talking Absolute Bollocks Again!

 

Andrew Bailey said the tight jobs market - with near-record low unemployment, more than a million jobs vacancies and wage growth of 7.2% - was the reason the UK inflation rate is higher than both the US and Eurozone https://t.co/GW5ESkGLYv

— Sky News (@SkyNews) June 29, 2023

As usual Bailey is talking bollocks. The tight labour market is not to blame for inflation.

The cause can be laid squarely at the door of Bailey and his cronies in the Bank of England for failing to recognise that the covid lockdown and spunking up the wall of billions would cause inflation, and for failing to raise rates at the time. 

🚨 | Mervyn King - Former Governor of Bank of England - ‘All central banks made the same mistake during Covid…the economy was actually contracting because of lockdown central banks printed a lot of money that was a mistake that led to inflation’

💥 Damning assessment of BoE pic.twitter.com/gHrkcuE8zG

— Jamie Jenkins (@statsjamie) October 24, 2022

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Andrew Bailey: The Wrong Man in The Wrong Job at The Wrong Time

 

Andrew Bailey has been the Governor of the Bank of England since 2020. In that time, he has presided over a period of unprecedented economic turmoil, including the COVID-19 pandemic and the war in Ukraine.

Bailey's handling of these crises has been widely criticized. He has been accused of being too slow to raise interest rates, of failing to adequately regulate the financial sector, and of making insensitive comments about the impact of inflation on ordinary people.

In my view, Bailey is the wrong man in the wrong job at the wrong time. He is not up to the task of leading the Bank of England through these challenging times.

First, Bailey is not a particularly experienced central banker. He has only been in the role for three years, and his previous experience was in the financial regulation department. This lack of experience has been evident in his handling of the recent crises.

Second, Bailey is not a particularly strong communicator. He has been criticized for his use of jargon and his inability to explain complex economic concepts in a clear and concise way. This has made it difficult for the public to understand the Bank of England's policies and actions.

Third, Bailey has made a number of insensitive comments about the impact of inflation on ordinary people. In one interview, he said that people should "accept they are poorer" because of inflation. This comment was widely criticized as being out of touch with the reality of people's lives.

The government needs to replace Bailey with a more experienced and capable leader. The Bank of England is facing a number of major challenges, and it needs someone at the helm who can effectively address them.

In conclusion, I believe that Andrew Bailey is the wrong man in the wrong job at the wrong time. He is not up to the task of leading the Bank of England through these challenging times. I urge the government to replace him with a more experienced and capable leader.

 

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The Wrong Man in The Wrong Job at The Wrong Time!

"We cannot continue to have the current level of wage increase"

Bank of England Governor, Andrew Bailey, says the current levels of price setting and wage setting are "unsustainable", after the BoE raises interest rates to 5%.https://t.co/DCDDclZeFy

📺 Sky 501, Virgin 602 pic.twitter.com/Yun6fw6YVX

— Sky News (@SkyNews) June 22, 2023

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Bailey Admits He Is Crap!

 

The hapless and hopeless Andrew Bailey (Governor of The Ban of England) has been spewing forth chunks of "wisdom" this morning:

"...We do have a challenge in how we communicate...

...We have a lot to learn about operating policy"

Who appointed this oaf? 

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Bailey Talking Bollocks Again!

 

Jowly toad speaks...

BOE'S BAILEY SAYS I’D LIKE TO PUSH BACK STRONGLY AGAINST ONE ARGUMENT YOU SOMETIMES HEAR, WHICH IS THAT INFLATION IS HIGH BECAUSE MONETARY POLICY WAS TOO LOOSE IN THE PAST

— Neil Wilson (@marketsneil) May 17, 2023

 

Even by Bailey's standards, this really is BOLLOCKS!

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Inflation Hits 10.4%

Inflation has risen from 10.1% to 10.4% against and expectation of it falling to 9.9%.

One of the key reasons for the rise was restaurants and hotels.

I'm hearing some heroic attempts to blame the jump in UK #inflation on #brexitfoodshortages, so here are the facts... (🧵)

1. The biggest contribution actually came from 'restaurants and hotels' (due to price increases for alcohol, not food). Food was still a big factor, but... pic.twitter.com/DE9AK1zQ1J

— Julian Jessop (@julianHjessop) March 22, 2023

However, irrespective of where the root causes lie, it is clear that Bailey and his cronies at the Bank of England are woefully failing in their jobs. Remember, the Bank of England is meant to keep inflation at around/below 2%! 

It is high time that Bailey and his cronies are sacked!

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Bailey Is Worse Than Worthless!

 

Bailey has made a complete clusterfuck of communicating the Bank of England's intentions, as can be seen from the very mixed headlines.

He, and his cronies on the MPC, have forgotten (if they ever knew) that central banks are meant to give clear guidance as to what their policies are and their expectations for the future. 

Bailey has achieved none of this, instead he confuses the markets leaving them to look at goat entrails to determine what may/may not be happening.

It is high time Bailey was sacked!

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Bailey - The Reluctant Bride

 

As other central banks continue to raise rates, so the hapless and hopeless Andrew Bailey (Governor of The Bank of England) reluctantly faced the press to give his "full throated" support to yesterday's 0.5% increase in the UK's rate to 4%.

As ever, he failed to inspire. 

Despite the fact that he claims that inflation will fall faster than markets predict, the recession will be less severe that expected and that rates may not continue to rise no one really listened or believed him.

Much like a reluctant bride going along with the wedding, because it would be too difficult to drop out now, Bailey will continue to be buffeted and pushed around by events rather than navigate a course of his own!

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A Tale of Two Banks

5.10am vs 5.41am pic.twitter.com/K0xLhPL4ZB

— Sam Coates Sky (@SamCoatesSky) October 12, 2022

Bailey's team have in effect chopped the legs from underneath him!

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Bailey Must Go!

 

Having dithered and delayed in raising interest rates in response to inflation, with "exquisite" timing Bailey chose the moment when sterling was stabilising to issue a wishy washy statement about not hesitating to intervene.

Apart from the obvious point that the Bank, under his sleepy watch, has been hesitant; he failed to realise the danger of the timing of this wishy washy nonsense, which implied the Bank also has a role in propping up Sterling.

FACTOID: It doesn't!

Unsurprisingly, sterling immediately took a tumble.

Bailey must go!

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Inflation Hits 10.1%

 

Inflation in the UK has now hit 10.1%, up from 9.4% in June, and above the 9.8% forecast.

Primary reasons for the increase:

- war in Ukraine

- supply constraints

- energy costs

- the Covid lockdowns

Many half baked "solutions" are being proposed eg increase wages, price controls, nationalisation etc.

However, as has been ably demonstrated in the 80's the way to kill it is via interest rates. Something that Andrew Bailey doesn't seem to have grasped yet!

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Bailey Admits Bank is Powerless

 

Andrew Bailey, Governor of The Bank of England, told MPs yesterday that inflation was being driven by factors outwith the control of the Bank of England (eg the war in Ukraine and rising energy costs).

He then went on to say that the effects of these price rises would "ironically" dampen demand and as such lead to a fall in inflation.

Given that, I am bound to ask what was the point of raising rates?

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Hopeless and Hapless Bailey Explains Monetary Policy and Wage Restraint

Andrew Bailey continues to underwhelm.

This time his foray into the limelight allowed him to wax lyrical about the need for interest rate rises to curtail demand and hence inflation. He then went on to note that:

"What we have to do is ensure that in the meantime that there isn't more inflation pressure domestically.

That would come for instance from things like wage bargaining."

That is all very well and lovely except:

1 He is on a salary of over £500K

2 The current inflation is down to supply side constraints gradually being unwound after the pandemic

3 A large chunk of the forecast inflation will be caused by energy price rises (which are outwith the average consumer's ability to control or limit by reducing demand).

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Andrew Bailey's Murky Job

 

The Bank of England governor, Andrew Bailey, has said the difference between providing commentary on the state of the economy and what the central bank is likely to do with interest rates is hard to define.

“The boundary between a commentary and guidance is quite murky, actually, when you think about the words we use,”

The Bank shocked financial markets this month when it kept interest rates on hold at their pandemic lows. Investors had interpreted remarks made by Bailey in October as a signal that rates would rise at the November meeting of the monetary policy committee.

The next decision is due to be announced on December 16.

Answering questions, Bailey said there were three forms of forward guidance and the one that was currently in use was “not so much forward guidance as a reminder of where we are”.

He then went on to blame his predecessor for the confusion.

He said the system put in place by his predecessor, Mark Carney, “is pretty hazardous [and] more hazardous in a more uncertain world”. In 2013, Carney told markets that the Bank would consider raising interest rates when unemployment fell to 7 per cent.

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Bailey Speaks - The Markets Tremble?

Andrew Bailey, Governor of The Bank of England, speaking about inflation told the Commons Treasury select committee yesterday:

“I’m very uneasy about the inflation situation.

I want to be very clear on that. It is not, of course, where we wanted to be, to have inflation above target. On the decision itself, however, it was a very close call in my view,”

In reality the vote was 7-2!

Given that his last comments about inflation were nonsense, maybe he should just keep his mouth shut in future?

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