More Old Witch than Old Lady, the Bank of England (BoE) is getting a drubbing as its actions heap misery onto mortgage holders. Last week’s 0.5 percentage point hike, taking the bank rate to 5 per cent, was the final straw, prompting calls for help for this under-pressure group, who are coming off deals they took out when money was ultra cheap, and high house prices were affordable.
But, sparing the debt-laden from gargantuan leaps in monthly repayments would defeat the entire purpose of this latest monetary squeeze.
Much of the anger targeted at the BoE stems from its perceived failure to tame inflation. The UK’s problem is worse than almost everywhere else, and that’s being blamed on the BoE, and its governor, Andrew Bailey - they have aided and abetted inflation by not acting more decisively sooner and through lavish monetary loosening.