Daily Mail du 05-08-2022
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Date de parution 05 août 2022
Langue Français
Poids de l'ouvrage 128 Mo

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YOUR 12-PAGE GUIDE TO THE 2022-2023 SEASON
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It’s backPremier League tonight!
Inflation’s set to hit almost seven times his official target.
Critics accuse Bank Governor of being asleep at the wheel.
now we face a year of recession – and soaring interest rates
banker
who’s
running
out of
creditdeflation: Bank of England governor andrew Bailey yesterday
est ates last year. It came as grim eco- The Bank also revised is expectations By Lucy White THE Bank of England faced
nomic pedictions forced the Bank to for inflation to a peak of 13.3 per cent in Chief City Reportera ferocious backlash last raise interest rates by 0.5 percentage October. Just two months ago, it was
points – the largest amount since 1995 – predicting a maximum of 11 per cent.night after admitting infla- at the wheel’ as he warned that to reach 1.75 per cent. The Bank said the red-hot inflation tion will pass 13 per cent. Britain faced a lengthy recession. It is a highly unusual move. While higher will cause the UK to slump into aBank Governor Andrew Bailey was Critics said Bank officials should ‘rue rates can help to tame prices, they can
forced to deny he had been ‘asleep the day’ they decided not to raise inter- also slam the brakes on economic growth. Turn to Page 4 Page Daily Mail, Friday, August 5, 2022
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mailsubs.co.uk Page Daily Mail, Friday, August 5, 2022
By Tom Witherow Truss to review LIZ Truss is to review the Bank
of England’s independence after
it was forced into its biggest
interest rate hike in 27 years to
quell rampant inflation.
Her allies criticised the central independence bank for being ‘too slow’ to raise the
cost of borrowing as she pledged to
review its mandate and ensure ‘it’s
fit for purpose’.
The Bank’s doom-laden predictions
yesterday reignited the debate over tax
and the economy that has dominated the of central bankrace to become the next prime minister.
It predicted inflation will hit 13.3 per cent
this year, its highest level in
central banks in the world at central bank is expected to Professor Patrick Minford said more than four decades, and
controlling inflation.’ ‘maintain close contact’ with their plans mean “yes, interest Britain will fall into a recession
Miss Truss has previously said ministers so monetary policy rates have to go up and it’s a lasting over a year.
she would implement a ‘more is ‘mutually harmonious’ with good thing”.’ It hiked the base rate from
directive’ mandate, suggesting Government economic policy. But Miss Truss hit back, say-1.25 per cent to 1.75 per cent.
she intended to once again give Japan adopted radically ing: ‘The way to tackle the Attorney General Suella
the Government a role in set- loose monetary policies in an cost of living crisis is by grow-Braverman said Miss Truss,
ting interest rates. The Bank of effort to break out of deflation, ing the economy. My tax cuts who she is supporting, will
England was granted independ- which has dogged the country are necessary, affordable and ‘look into detail at exactly
since the 1990s. It now enjoys not inflationary.’what the Bank of England
low inflation of 2.5 per cent. An ally added: ‘Rishi has got does, and see whether it’s fit ‘See whether it’s for purpose in terms of its Yesterday Miss Truss’s Tory himself tied in knots on
inflaentire exclusionary independ- leadership rival Rishi Sunak tion. Modest tax cuts aren’t fit for purpose’
began a fresh attack on her inflationary. Rishi’s had two-ence over interest rates’.
Miss Truss, addressing Tory programme of tax cuts and and-a-half years in the Treasury
ence to set interest rates by Mr party members in Cardiff on higher spending. He launched – we’re living the consequences
Brown as chancellor in 1997, Wednesday night, said: ‘The a new website, called ‘Not In of his “economic plan” now.’
best way of dealing with infla- and given a single target to Your Interest’, which claimed Chancellor Nadhim Zahawi
keep inflation at 2 per cent, plus tion is monetary policy. interest rates would hit 7 per yesterday lauded Britain’s
‘I want to change the Bank or minus one percentage point. cent under the plans. ‘strong, independent monetary
Miss Truss is said to be con-of England’s mandate to make Mr Sunak said: ‘We have to policy’, citing it as one of the
sidering a similar model to sure in the future it matches grip inflation, not exacerbate ‘important steps’ being taken
some of the most effective that found in Japan, where the it. Liz Truss’s economic guru to get inflation under control.
Continued from Page One The Bank of doom and gloom
drawn-out recession, with output
shrinking for 15 months from the final quarter
of this year until the end of 2023. THE Bank of England’s gloomy Kremlin turns the gas tap off, energy
Households will see their real incomes, picture of the state of Britain’s prices are rocketing. The average
or how much money they make taking economy over the coming years: household’s annual energy bill will
into account rising prices, fall by the larg- rise to £3,50 when the next price cap est amount on record, it predicted. RECESSION
rise is pushed through in October – The bleak update deepened the Tory The economy will shrink for 15 months, worse than expected.leadership contenders’ bitter debate over starting in October, wiping 2.1 per cent
the best way to repair the economy. off the UK’s output from peak to INCOMERishi Sunak claimed interest rates
trough. The recession will be as long Households’ real income – which would reach as high as 7 per cent under
as the downturn during the 2008 takes into account inflation – will fall rival Liz Truss’s proposals – while she
financial crisis, although less severe.insisted her plan to cut taxes would fuel for two years, the first time this
economic growth. has happened since records began in INFLATIONMiss Truss will look at whether the the 1960s.
The rise in the cost of living is set to Bank of England was ‘fit for purpose’ if
peak at 13.3 per cent in October – the she became prime minister, an ally said. INTEREST RATES
In other developments: highest since 1980 – and remain high The Bank has pushed up its base rate
  Experts warned that millions of home- through much of 2023 as prices con- by 0.5 percentage points, the largest
owners are facing a ‘mortgage ticking tinue to rise. Most of this will be driven hike in 27 years, to 1.75 per cent. While
time-bomb’ as their fixed deals come to by the effects of the war in Ukraine. this should help to keep a lid on prices, an end and rates rise;
it will also cause more pain for mort-  Banks were again accused of cashing in ENERGY gage holders and other borrowers as on rate hikes by being quick to pass on As western countries try to shun
the cost of their debt climbs.
Russia’s fuel supplies, and the
Mortgage timebomb
embarked on an unprecedented string of rue the day collectively when they didn’t
pAGES 8-9 rate hikes at six back-to-back meetings. raise rates when they were so low.’
Mr Bailey said he had ‘huge sympathy’ Gerard Lyons, of wealth manager
for squeezed borrowers, but added: ‘I’m Netwealth, said the ‘downbeat’ message increases to borrowers but dragging their
afraid the alternative is even worse, in delivered by Mr Bailey was ‘a reflection feet when it comes to savings rates;
terms of persistent inflation.’ that the Bank of England is suffering   Struggling households face even more
Attorney General Suella Braverman, from a self-inflicted credibility gap’.frequent energy bill hikes after watchdog
who is backing Miss Truss’s leadership Business leaders were also irritated by Ofgem ruled the price cap should be
campaign, said: ‘Interest rates should Mr Bailey’s pessimism. Advertising changed every three months rather than
twice a year; have been raised a long time ago and the tycoon Martin Sorrell said: ‘Nobody was
Bank of England has been too slow in expecting that today – he’s rung the   It emerged that Chancellor Nadhim
this regard.’ Andrew Sentance, a former alarm bell and predicted a recession.’ He Zahawi and his d

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