Tory MPs prepare to blame Bank of England for mortgage misery after interest rate hike

“The Bank of England base rate is meant to be used to keep inflation at the level indicated by the Chancellor, which is currently 2 per cent,” he told“For the Bank to state it will probably stay this high for the next three years is not just premature and ill conceived, it is an unhelpful statement for the economy of the country and does nothing to enhance their reputation as a responsible institution.

John Baron, a Tory MP and another member of the Treasury Committee, said earlier this year that “if central banks generally had been more proactive, there might be less pain out there for people”.prepare for election footingMr Sunak has so far leant almost entirely on the Bank of England to stabilise inflation, meaning progress on his key pledge to halve inflation by the end of the year is almost entirely in the hands of monetary policy.

Mr Hunt said yesterday it showed the Government’s plan is “working” and that ministers must hold their nerve to avoid sending inflation back up again.Mr Sunak’s refusal to dish out extra measures to help families would become increasingly untenable as autumn approaches, with the crucial Tory party conference earmarked for the first weekend of October – just three weeks after MPs return from the parliamentary recess.

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