According to the Bank of England Governor, Andrew Bailey, Brexit is to blame for the rapid economic decline of the UK.
As we head into recession with mass inflation, fingers are now being pointed between the Bank of England and the government over who is to blame for not foreseeing the coming economic crisis.
Yesterday, the Governor of the Bank of England said that the BoE hasn’t changed its stance on Brexit, saying the fall out of the decision to leave the EU is “built-in”.
Despite the trade agreements we have gained from around the world, Mr Bailey continues to project doom and gloom for the UK leaving the EU.
Speaking to the treasury committee, Mr Bailey said: “The Bank of England has not changed its view on Brexit and trade for some time.”
“We have built into our view of the future that there is a negative impact.”
“We have been unpopular. My predecessor was unpopular for saying this. We haven’t changed our view.”
Despite blaming Brexit for the current economic downturn, the BoE stated that they couldn’t quite assess the true cost of leaving the EU.
While the BoE attempted to place blame elsewhere for their failure, the Governor then attempted to blamed the Ukraine War for higher prices on fuel and energy, yet prices and inflation were going up prior to Russia’s invasion.
It seems the elite in the banking system and government are blaming each other because they don’t have a cover story for their own neglect of the economy.
They have attempted to blame the war in Ukraine as the main reason for inflation, yet according to statistics, inflation was rising prior to the war, and a recession was going to be called prior to the pandemic.
Whichever way those in charge look at it, there isn’t any cover for them to hide behind.