Business UK
‘The Bank of England have BUNGLED this’ | Jacob Rees-Mogg on interest rate rise
‘The Bank of England has bungled this very basic task.’
Jacob Rees-Mogg criticises the Bank of England for creating an ‘excess of money in the system’ after it rose interest rates to 4.25%.
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Watch as Will Kensington expresses concern about the state of the UK, arguing that Downing Street is no longer a place of power but has instead become Britain’s most expensive Airbnb.
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Cabinet Office DEMANDS LGBT and ethnic figures on bank notes over DIVERSITY – ‘RIDICULOUS!’
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‘We have real pressing financial issues as a country. I find focus on stuff like this quite ridiculous!’
Nana Akua hits out at the Cabinet Office’s suggestion that banknotes should featurre prominent ethnic or LGBT figures from British history.
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France holds annual Bastille Day parade with different military regiments with foreign troops included. President Emmanuel Macron has invited leaders from The Coalition of The Willing to watch parade.
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@chrismac2234
January 10, 2024 at 1:02 am
Jacob please explain why we printed so much new money as we now have rapid inflation. BUDGET RESPONSIBILITY, THATS A JOKE. your government printed billions and made our pound have less value This is all predictable and a throw back to the 70s
@johnbutler3141
January 10, 2024 at 1:02 am
You think the boe is there for you.
Hahahahaha
@iwx2672
January 10, 2024 at 1:02 am
The smartest mind in the UK and tbh one of the few sane one's in an overall batshit insane country.
@kennethbowry1521
January 10, 2024 at 1:02 am
Well that is rare a MP with a brain,but he should be the one in charge of the B O E or PM.
@DickusCopernicus
January 10, 2024 at 1:02 am
Who needs experts. I fully expect Jacob's next dental procedure to be carried out by a plumber. Fascinated by the theatrical gesticulations of lily white hands that have never made anything.
@gavindouglas7020
January 10, 2024 at 1:02 am
Britain 🇬🇧
But not for long
@alastairlaw6600
January 10, 2024 at 1:02 am
Jacob should be on adverts for beans or mcdonalds a complete waste of a good skin the berkeley
@garyherd9111
January 10, 2024 at 1:02 am
The same Jacob who said food, clothes and energy would be cheaper when we left EU, although he did say maybe not for another 50 years, shame he didn’t say that at the time. At least he has an EU passport free moment for him
@mutton_man
January 10, 2024 at 1:02 am
Raising interest rates is to try bring down demand. This inflation is caused by supply chain issue, Ukraine war, corporate profiteering. Apart from the initial increase of demand when we came out of lockdown, demand is less than that pre pandemic at the moment. There's not much the bank of England can do in this situation. This inflation must be tackled by our politicians. We importing inflation because we don't produce our own energy and food. We have to make heavy investments now to start producing our own food and energy.
@MONEYLAB001
January 10, 2024 at 1:02 am
I used to hate this man. But my opinion of Jacob has changed since he has been on GB news. he understands and takes pride in Giving out the truth to the people. He seems a changed man, long may it continue Jacob.
@barrycastles5168
January 10, 2024 at 1:02 am
We had the same shite years ago
@npc3743
January 10, 2024 at 1:02 am
Mogg for PM
@johnward514
January 10, 2024 at 1:02 am
The Central Banks should be abolished. All of them. Private bankers that control our currency. ‘Give me control of a country’s money and I care not who makes its laws’ JP Morgan.
Why is the target inflation rate 2%? It’s a arbitrary figure where the government can steal purchasing power from its people’s without them protesting.
@SimonWallwork
January 10, 2024 at 1:02 am
Crack on guys. As a Scot from Glasgow-I simply moved to Bulgaria-where things are nicely old-fashioned.
@davidvarcoe8009
January 10, 2024 at 1:02 am
Increase in interest rates normally lead to Increased Cost Factors which cause inflation to go up and businesses who must cover costs, find that they Have to charge more due to Salaries and overhead costs increases. This has a knock-on effect to the consumer who must pay out more, and just starts a spiral effect in the system. It is not because more money has become available, rather that People need to earn more to be able to pay for the essentials which they must pay for every day. This will cause the increase in the inflation rate and then the banks want to raise the interest rates to bring inflation under control. This shows that they have not looked at the macronomics of the country to trty and sort things out.
@jamesdumazel5099
January 10, 2024 at 1:02 am
Sorry Jacob, still voting Reform.
@2aph0d_b33blebr0x
January 10, 2024 at 1:02 am
True, the country is being run by Quangos and we all know how useless and left wing they are (looking at you Ofcom, BOE, Ofgem).
@broxton579
January 10, 2024 at 1:02 am
As sure as night follows day we have a dictatorial civil service and public sector robbing, lording over us with anarchist and abhorant schemes. These new lords just use the rest of us as cash cows to fund them and bail out their friends. Dont forget we dont have an elected government but a putsch in charge – elected by our new Lord's. So the same old rubbish spouted by the same old people and their chums.
@adamjennings8335
January 10, 2024 at 1:02 am
Sack andrew bailey. The banks have failed again.
@seancurtis8228
January 10, 2024 at 1:02 am
Get Klaus shwab from the world economic forum on your programme,I'm sure he could explain the Great reset to you Jacob!"you'll own nothing and be happy"
@peterd788
January 10, 2024 at 1:02 am
It's an interesting thesis but entirely nonsensical as you very well know. Inflation is fought in one way and that is to make people poorer to cut demand. The only way to do that for a central bank is to increase interest rates. Bringing democracy into the equation won't work because people won't vote to be poorer.
@michaelhoodleeder
January 10, 2024 at 1:02 am
It's incredible. Don't listen to experts or people who do the jobs they're talking about for a living. Listen to me.. such a narcissist.. It's over Jacob.. We are tired of it. You have cost our children billions.
@michaelhoodleeder
January 10, 2024 at 1:02 am
Out soon …How to lose friends and not influence people by Jacob Reese Mog and the ERG
Having to go back this far to find something you can attack shows incredible desperation , your time is over.. It is us that will pay the price for listening to you. Here in 2023..
Go get a real job and for God's sake stop talking. We've heard it all now Jacob..
@robertpodbery242
January 10, 2024 at 1:02 am
The BOE is not to blame, its the tory party, They are the most incompetent government in western europe..Moggy is one of the thickest of them all, only matched by Truss, who was voted as leader.. This gives you some idea what the rest are like, You have Coffey and Gove,, My god you would not trust them to be lollipop ladies. This upper class idiot pushed for brexit,,, Every single thing he said was wrong,, Not lies, hes not clever enough to lie; We now are the worst performing country in the G7,, Bungling boris and jaded jacob, have glossed over that with absolutely no shame, and just like tony blair, despite being caught out being totally incompetent and incapable of telling the truth, still feel the need to comment on other incompetent people,,, Instead of giving them pensions and knighthoods when they finish fucking up the country, we should make them pay for all the damage they cause, In blairs case tried and executed for crimes against humanity,, If I killed one person For not having WMD, I would go to prison, Blair was the main supporter of pro israel bush,(iraqs enemy) that lead to up to one million deaths,, mostly innocent people, led to instability in the middle east,, Now israel has the nerve to ask for help to get rid of another of their enemies Iran, Stupid sunak is defending this nazi and the labour party is so scared of being called antisemitic they join in. Come back mrs thatcher all is forgiven,, I dont care that you are dead, you would still be better than this shower
@JoinTheTemple
January 10, 2024 at 1:02 am
We are meant to be a market economy. There is no place in a market economy for a feature of a command economy – namely a central bank. Interest rates should be set by supply and demand, like any other price. Of course interest rates are wrong. Central planners always are. Same with the money supply. A central bank (and the state in general) should have no role in providing money.
@josephgunnett7715
January 10, 2024 at 1:02 am
Why do I get the impression there is no one at the helm,oh wait a minute!
@garagenigel
January 10, 2024 at 1:02 am
Rees Mogg is a snake he's loving the instability of the UK economy, he's ruthlessly waiting for a crash to buy up your assets while you are on the streets! He cares not about you!
@mrvillan6951
January 10, 2024 at 1:02 am
Mogg should be in a museum, not Parliament. He even looks out of place on TV.
@martinobrien7110
January 10, 2024 at 1:02 am
JRM They are stealing my money .
@DavidGetling
January 10, 2024 at 1:02 am
Yes, interest rates should have been raised a long time ago. This might well have prevented ridiculous house price rises, and the rent rises that go with them. As for the pathetic 0.25% rise a couple of days ago. It was like trying to put out a raging inferno by pissing on it. An absolute minimum rise of 0.5% should have been applied.
@ce5890
January 10, 2024 at 1:02 am
BoE still gutted about brexit
@davidgennard6144
January 10, 2024 at 1:02 am
Why isn’t Jacob chancellor,he runs rings round the rest of them,most of the time when he explains things it’s common sense…why don’t others grasp situations in the same way he does…..so eloquent…
@lw1zfog
January 10, 2024 at 1:02 am
the banksters of England are DOING this
@piglex1
January 10, 2024 at 1:02 am
Liar, quantitative easing was not at all a sensible procedure. Never was. And it was not the BOE (which simply followed the US Fed like a donkey) which was the cause of the printed money entering the economic system, It was injected by GOVERNMENT which spent billions and billions of sterling into the economy, relying on the ridiculously low interest rates so that the cost of its own deficit was minimal and ignoring the inevitable rise in interest rates which had to come as the only means of reducing inflation. Even now at 4.5% , those rates are not high enough to reduce inflation which is going to continue.Pull the other one that the BOE is independent of politics. Sick of hearing from these damned politicians not taking the blame for their own actions.There is a simple rule.GOVERNMENTS CAUSE INFLATION.
@alastairharris1866
January 10, 2024 at 1:02 am
Come on Moggy. The Bank only knows money. Making more of the stuff is what it does! In its favour, at least it understands the principles of its narrow remit, even if its policy is cack handed. Find me a politican who understands even the basics of our so called tax system.
@FleetAdmiral215
January 10, 2024 at 1:02 am
Why aren't You & Lee Anderson running the country for the Tories!
@olliereed4206
January 10, 2024 at 1:02 am
The big question I have is the conservative party going to follow the dictates of the the WEF or are we going our own way? Most of the world is going their own way, the global South. I want to know whether I need to go and join them.
@paulhenry83
January 10, 2024 at 1:02 am
Intrest rates are high because of the migrants
@jonathanbender4691
January 10, 2024 at 1:02 am
Couldn’t agree more. JRM would make a brilliant chancellor.
@LukeMovement1
January 10, 2024 at 1:02 am
Typical Tory, blame everyone else for the mess they created
@spartacusforlife1508
January 10, 2024 at 1:02 am
If 54 % of inflation is due to corporate profits what has the government done to tackle that
@jrpm1964
January 10, 2024 at 1:02 am
This guy is a fraudster….no better than second hand car salesman….
@jrpm1964
January 10, 2024 at 1:02 am
One thing JRM is not is a an Economist….
@SeeDeeSea
January 10, 2024 at 1:02 am
What's the point of The Bank of England putting the brakes on the economy through interest rates when the main driver for inflation has been fuel costs, which will continue to fall. I don't suppose lenders will be too fed up about it though.
@whocares264
January 10, 2024 at 1:02 am
Some folk just don't go away , like a skid mark on your pants…
@johnmknox
January 10, 2024 at 1:02 am
Bailey, Hunt, and Sunak should all go.
@alexbegbie5073
January 10, 2024 at 1:02 am
MOGG HAS LET BREXIT DOWN TOOK HIS EYES OF THE BALL 👎👎 HE SHOULD HAVE SEEN EVIL SUNIK 👹👹👹👹👹
@ivermektin6874
January 10, 2024 at 1:02 am
This twat likes to be wise after the fact doesn't he.
@ipreferfreedom162
January 10, 2024 at 1:02 am
The setting of interest rates is an overtly political act which should be carried out by those politically responsible who can be removed at a General Election. I always hoped after the Brexit vote that decisions on interest rates would be moved back to the Treasury so that a democratically elected person in the Chancellor of the Exchequer could be responsible for the decision. Then if we don't like the decisions we can change the Chancellor. What we have is a Globalist Technocratic system which does not work for this country that we have already roundly rejected at a referendum. Moving interest rate setting back to the Treasury is part of the Brexit agenda and always was part of that agenda. Can we please get on with it?