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’— Jamie Jenkins (@statsjamie) October 24, 2022
💥 Damning assessment of BoE pic.twitter.com/gHrkcuE8zG
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