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Interest Rates | Jacob Rees-Mogg comments on the Bank of England’s decision to raise interest rates
‘To manage to get inflation down is an incredibly difficult task, which the slightly clod-hopping Bank of England may not succeed in.’
Jacob Rees-Mogg comments on today’s rise in interest rates from the Bank of England.
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@davidheaton7401
January 9, 2024 at 4:27 am
It’s a usurious system. Islamic banking is against usury. Down with usury!
@stephenfaulder1747
January 9, 2024 at 4:27 am
Why are so many people accepting the falsehood that raising interest rates is helping, or in any way necessary?
The Bank of England interest rate rises are counter-productive.
They should stop panicking and allow the economy to reset, naturally, as it was always going to.
Even with Putin's invasion of Ukraine, the supply-led inflation simply required the West to work hard and adapt to increasing its own supply of fuel and food.
The (post-Covid) depleted supply of 'non-essential' ('luxury') products was replennished as people got back to work.
That's it. No interest rate rises needed.
Inflation linked gilts? Doesn't matter. Interest rate rises will have no meaningful effect on the type of inflation we're currently experiencing!
By allowing the BoE to raise interest rates, the Government is causing unnecessary personal suffering, crushing the economy, increasing unemployment and reducing VAT revenue to the Treasury.
Why do we have this natural period of temporary inflation?
Well, it's the cost of Covid and the cost of Putin's war.
We were always going to feel the financial pain for a while – it manifests itself as a period of inflation that cannot be compensated by pay rises, nor controlled with raised interest rates!
It's about time the BoE appreciated this reality and got interest rates back down. Now.
At least the economy can then start growing, allowing people to breathe again.
@aktarhussain4437
January 9, 2024 at 4:27 am
So not his and his governments fault then….
The bank has only one option to curb inflation and that’s to raise its interest rates to take out money from the country..
There is still too much money in society…
@lillianmayne
January 9, 2024 at 4:27 am
Why don't you change your leader and chancellor
@FreaksSpeaks
January 9, 2024 at 4:27 am
ill work early next year when house prices crash very hard.
@premalalperera4710
January 9, 2024 at 4:27 am
One of the main reasons for Western outrage over interest rate hikes is because the rates upto covid was ridiculously low. It is time when the BOE realise that there is a value for money and it is not 0.001%.
@brianjones4598
January 9, 2024 at 4:27 am
Businesses are closing putting people onto the Dole how can that help the economy. The more out of work the less tax money into the government. The more is spent o Dole money. Stop the payments to France also the railway we are paying to buil for Turkey.
@edwardlavington4690
January 9, 2024 at 4:27 am
Banks making billions while we all suffer. Take back bank of England under government control. They are making us all poor on purpose.
@jennydugan-chapman3954
January 9, 2024 at 4:27 am
Please let this hopeless goverment wake up, sack “ out to lunch Bailey” who doggedly ignored all warnings of inflation, and appoint a creative and talented successor
@teggsy2165
January 9, 2024 at 4:27 am
It's about time savers got some money for saving.
@mikecobain1484
January 9, 2024 at 4:27 am
Jacob Rees Mogg's problem is that if he became Prime minister, he would likely be taken out!!!
@SilverLion567
January 9, 2024 at 4:27 am
Since the public bailed out the banks in 2008 why can't the banks bail us out this time round?
@mooliparsnip9264
January 9, 2024 at 4:27 am
The great reset….which for most people isn't great at all!
@arthurdixon5890
January 9, 2024 at 4:27 am
Stuffing money in peoples pockets? The people’s tax money kept the banks afloat during the banking crisis and the executives retained their massive salaries for making the biggest mistake in my lifetime (I’m 73). They went on to have ever increasing salaries plus bonuses, while many people were on minimum wage. Why is it that executives get bonuses for doing their job, while people on minimum wage are expected to work harder and be more productive for nothing?
@seekingenlightenment9685
January 9, 2024 at 4:27 am
A man responsible for countless economic and social damage to the UK ? Who cares what you think !
@Tuffluk
January 9, 2024 at 4:27 am
Brexit isn’t working Mog!
You should be ashamed of yourself
@farmind6582
January 9, 2024 at 4:27 am
All part of the WEF and American plan, you own nothing and be happy!
@jeanraines3215
January 9, 2024 at 4:27 am
It appears increasing interest rates is having the opposite effect and pushing up the cost of living
@simonf7367
January 9, 2024 at 4:27 am
Does the mogg have bitcoin?
@mikewingert5521
January 9, 2024 at 4:27 am
Is Dan Wootton the new Huw and Phillip?……😂
@erongi233
January 9, 2024 at 4:27 am
The path to inflation to you may be unclear but it is blindingly obvious that if you invent vast quantities of new money and use it to purchase gilts held by banks and then allow that new money, now owned by banks, to be held as commercial bank reserves then that has results including inflation.
One,it forces down interest rates to about zero. Two,it gives banks loads of reserves they can use to justify an expansion of bank lending.Three ,it gives the banks full indulgence in their usual irresponsibility to lend on projects which are not viable were interest rates at their "natural" level. Four, it leads to the BoE owning a lot of the nations debt with the Treasury issuing debt and the BoE owning it,two branches of govt manipulating debt between them.When interest rates do return to their "normal" level all hell will be let lose. For example the BoE now has to pay to the banks huge sums in interest payments on the BoEs invented money now held as bank reserves in the 10s of billions.
We are now at that point when all these clod hopping QE inventions come home to roost..
@realitycheck4086
January 9, 2024 at 4:27 am
The “clodhopping Bank of England” is in cahoots with the government of the time ie: the conservatives.
@realitycheck4086
January 9, 2024 at 4:27 am
All of the fixed rate mortgages must be automatically extended by two years as payback for the disastrous lockdowns. The people saved the banks in 2008, now it is payback time.
@kanderson4417
January 9, 2024 at 4:27 am
Apparently if your an illegal immigrant you can now get interest free loans. The madness never ends.
@rhymetimeuk
January 9, 2024 at 4:27 am
the financial system has been irrevocably broken since 2008. this appears to me, to be a controlled implosion across the globe.
@canopus101
January 9, 2024 at 4:27 am
All this was predicted by journalist Peter Hitchens in March 2020.
@MarkWilliams-mo5ic
January 9, 2024 at 4:27 am
The bank of England should be under public control not its own thing
@francescostello1377
January 9, 2024 at 4:27 am
Maybe JRM could explain the BIS. The bank of international Settlements, which control every single central bank. I urge everyone to watch Richard Vobes, with guest Justin Walker called the Million pound note, regarding the Bank of England, totally separate from the treasury, and who and how our financial system is really works.
@chris23tg
January 9, 2024 at 4:27 am
According to Labour Party inflation is the Conservatives fault
@andibk2853
January 9, 2024 at 4:27 am
Where was Jacob talking about this before two years and criticizing the boe? Quantitative easing has benefited whoever owns multi asset investments like Jacob. All these stuffed printed money he talks about have gone all the way to pay rent, mortgages and living costs, which are owned assets of people like Jacob. He earns alone good interest by just keeping cash in the bank. He shouldn't even pretend not liking the boe decision.
@sarcodiauk2921
January 9, 2024 at 4:27 am
B of E are totally incapable of managing this effectively
@ecnalms851
January 9, 2024 at 4:27 am
I usually don't agree with what he says, but what he did say he was pretty spot on in my opinion. However, a part of the cause of inflation in which the Bank, although doing a terrible job, is trying to solve is due to Brexit and the worker shortage it has caused (migrants moving to their home country such as Poland or other migrants finding it harder to migrate or no longer see it as an attractive place to migrate.) But because he is a big Brexiteer, he obviously won't admit this.
@doubleooh7337
January 9, 2024 at 4:27 am
How about getting the billions back of richard Branson you know now that he DIDN'T go bankrupt?!
@user-ii6rb8zk3i
January 9, 2024 at 4:27 am
Typical tory blame everyone but themselves ask liz truss
@robertwood7792
January 9, 2024 at 4:27 am
I don't understand how raising UK rates will affect inflationary factors which now seem to be international, ie world food and energy prices. A little more buying power for sterling surely won't a big change to corn prices etc
@classicraceruk1337
January 9, 2024 at 4:27 am
The U.K. will probably follow the Eurozone into recession as they both followed roughly the same policy. With Germany in recession things could turn dire. Hopefully Germany will exit recession quickly.
@TrOgaN_
January 9, 2024 at 4:27 am
The solution is very simple, a significant windfall tax on all those companies that put workers on furlough that didn't need to financialy. Companies that abused the system should pay. This should be easy to work out based on the dividend payments made to share holders. It will be a huge sum as a lot of furlough money went directly into shareholders pockets. It was a badly conceived and unfair system and those that recieved nothing are having to pay for it..
@keewng
January 9, 2024 at 4:27 am
BoE Gov could be making another mistake engagement of Ben Bernake Inflation Guru as today rise is not the last, there could be at least a dozen more as BB strategy is to use Interests rate to cut Inflation to 2%. US economy is unlike UK on matters of Inflation.
@sergiosilva7528
January 9, 2024 at 4:27 am
Thank you Rees-Mogg for this excellent brexit (broke)economy!
@andyjary
January 9, 2024 at 4:27 am
I'm disgusted with the useless political system of deep state puppets we have to put up with in our country. Bank of 'England' – yeah right!
@saratreadwell5711
January 9, 2024 at 4:27 am
We lost our home in the 80s I know what it feels like 😢
@kevingrant7098
January 9, 2024 at 4:27 am
You can tell this man is a Conservative, they don’t take responsibility for anything that goes wrong. It’s always someone else’s fault
@Lightbulbthing
January 9, 2024 at 4:27 am
Seems the people with the most debt are the ones really suffering. Those with high mortgages and high credit card debts. Mainly the younger generation.
They are the ones who are paying for the quantitative easing and furloughing during the plandemic… obviously not the very wealthy who avoid tax altogether!
@paul_isaac
January 9, 2024 at 4:27 am
I guess it’s got nothing to do with Brexit? Give me strength.
@mauanderuk
January 9, 2024 at 4:27 am
One of the few decent MP's we have.
@bengun1
January 9, 2024 at 4:27 am
Jacob, you were part of the government that panicked over covid and smashed the economy…..
@timlodge8267
January 9, 2024 at 4:27 am
What your saying is that monetary should not be all nodding donkeys.
@richardmullens4707
January 9, 2024 at 4:27 am
I like how Sir Jacob had to look down at his notes to double check the name "Wilko" and then explain that it was a "Homes and Household Goods Retailer" showing that he had probably never heard of the shop, let alone been there. Way too down market for him. Shows how out of touch he is.
@DavidJohnson-dc8lu
January 9, 2024 at 4:27 am
Damn, even a blind bat knows the Government does not serve the people, the people serve and work for the Government. That is because the Government is there to serve the Central bank who prints the fake money, for The council of Foreign Relations aka as WEF. The Government just makes sure tax payers money is given to WEF and the poor is used to control inflation, but their corporate neoliberal deregulating greed has been that intense inflation is now out of control. Jacob knows and is apart of this establishment.
@davidfisher3273
January 9, 2024 at 4:27 am
More drivel