'Bank of England is firefighting a blaze caused by Conservatives' mismanagement'

11 May 2023 , 23:01

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Decision will pile on the misery for renters and mortgage owners (Image: PA)

The Bank of England will argue it had no option but to raise interest rates for the 12th consecutive time.

It is charged with bringing down inflation and this is the only tool it has in its armoury.

But the decision will pile on the misery for renters and mortgage owners at time when housing costs are already swallowing up a huge share of incomes.

In today’s Mirror the Bank’s governor, Andrew Bailey, is unable to say when the current wave of interest rate hikes will end.

This will alarm any homeowner whose fixed-rate deals is set to expire.

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The Bank is firefighting a blaze caused by the Conservatives’ mismanagement of the economy and fanned by the war in Ukraine.

Housing costs have risen because of the failure to build enough homes, spiralling inflation and Liz Truss’s disastrous mini-Budget. This is the Tory premium on your payments.

Hitting buffers

TransPennine yesterday became the latest rail company to be brought back under public ownership.

The folly of the Conservatives’ privatisation programme has never been more evident.

Money which should have gone on lowering fares and investing in rolling stock is diverted to shareholders and overseas-owned firms.

As a result passengers end up paying more for an unreliable, crowded and expensive service. Instead of calling an end to this farce the Government keeps handing franchises to firms which failed to fulfil previous contracts.

Transport Secretary Mark Harper yesterday rejected calls to take the logical step and bring all the remaining railways under state control.

The Conservatives remain wedded to an outdated ideology that has hit the buffers.

The lickly lads

The Royal Mail has a cunning plan to mark the 40th anniversary of Blackadder – releasing a series of special stamps.

It’s not the first time Baldrick has found himself in a sticky situation.

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