Bank of England rate rises will only put households in more pain
4 August 2023
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In the Media
Julian Jessop quoted in the Express
4 August 2023
In the Media
Shadow Monetary Policy Committee featured in ITV
4 August 2023
Housing and Planning
Julian Jessop quoted by ExecReview
IEA Economics Fellow Julian Jessop has been quoted in ExecReview’s article covering the damaging effects of the most recent rate rise to 5.25 per cent.
ExecReview quoted:
“The Bank’s decision to raise rates again, albeit by just a quarter point, suggests that the MPC is still looking in the rear view mirror.
“Money and credit growth have already slowed sharply and other leading indicators of inflation have weakened, including commodity prices and evidence from business surveys.
“It would have made more sense to pause to assess the impact of the large increases in rates that have already taken place, as other central banks have done.
“The UK economy is like a frog slowly being cooked by ever higher interest rates. By raising the temperature further now, the Bank risks doing too much and, once again, only realising its mistake when it is too late.”
You can read the full article here.
Julian’s comment was also featured in Reaction.
ExecReview quoted:
“The Bank’s decision to raise rates again, albeit by just a quarter point, suggests that the MPC is still looking in the rear view mirror.
“Money and credit growth have already slowed sharply and other leading indicators of inflation have weakened, including commodity prices and evidence from business surveys.
“It would have made more sense to pause to assess the impact of the large increases in rates that have already taken place, as other central banks have done.
“The UK economy is like a frog slowly being cooked by ever higher interest rates. By raising the temperature further now, the Bank risks doing too much and, once again, only realising its mistake when it is too late.”
You can read the full article here.
Julian’s comment was also featured in Reaction.
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