Good morning.
The Bank of England is facing an escalating political dispute after a senior Tory MP attacked the central bank for failing to cope with inflation.
Liam Fox, a former defense minister, said the bank had “consistently” misjudged the danger of rising prices and called for an investigation.
He said: “It is the duty of central banks to protect the value of our money and our savings. The Bank of England persisted beyond any rational interpretation of the data to tell us that inflation was transient.
The comments threaten to pit the Tories against Governor Andrew Bailey as the cost of living crisis deepens.
The Bank of England was forced to aggressively raise interest rates and warned that inflation would exceed 10% by the end of the year.
5 things to start your day with
1) Millions of homeowners face negative equity trap from property collapse Recent buyers may be at risk of owning a property that costs less than the mortgage taken out on it
2) Water companies will be fined for leaving a “plague of potholes” on the roads The Ministry of Transport will issue fines amid repression against utility companies and broadband providers
3) Prepare for more reruns and less drama, says BBC Director-General Tim Davy that the corporation will be forced to reduce original programming
4) Cryptocurrencies collapse after Black Wednesday for blockchain Instability hits so-called “stable coins” with almost $ 200 billion, rejecting all cryptocurrencies
5) KPMG fines £ 14 million for forging documents due to the collapse of Carillion. The auditor hit the biggest penalty for fake spreadsheets and fabricated meeting minutes
What happened during the night
Asian stocks rose mainly after a tumultuous period of Wall Street trading, which recovered at the close after investors calmed down about US policies to counter rising inflation. In Asia, Hong Kong, Tokyo, Seoul, Singapore and Sydney opened higher, while Wellington traded in the red.
Expect today
- Corporate: ContourGlobal, Sage Group (Intermediate)
- Economy: Industrial Production (EU), Michigan Consumer Sentiment Index (USA)
Add Comment