Last Updated, Feb 15, 2024, 7:59 PM
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I point the finger of blame far more at the Bank of England than the government on recession
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So the news this morning was not very good for the Prime Minister, in fact, somewhat embarrassing.

We are now back in recession. They’re calling it a technical recession.


But remember the People’s Forum with Rishi Sunak that we hosted here on GB News on Monday evening?

It all hinged around the five pledges. And remember that old phrase? It’s the economy, stupid.

Nigel Farage

Nigel Farage reacts to the UK falling into recession

GB News

Halving inflation to ease the cost of living was the first. Growing the economy was the second, ensuring national debt was the third, cutting NHS waiting lists and passing laws to stop the boats.

So three of the five pledges are around the economy.

And kind of that makes sense, because when you think about it, probably the key determinant in how we vote is do we feel better off or worse off since the government got elected?

I have to say, for once on these growth figures, I point the finger of blame personally far more at the Bank of England than I do with the government.

I think we have the worst government of the Bank of England in our history. They were far too slow to put interest rates up when inflation was clearly coming down the track.

Many of us were screaming about this, ‘no inflation’s not going to happen’, then when it started, ‘don’t worry your poor little heads, it’s just transitory’. And now we’re going the other way.

They are far too slow to reduce interest rates. And I think that interest rate message actually is for me a very important driver of why we are now in recession.

But my debate tonight – is Britain getting poorer, and I apply that both at a personal level and indeed at a national level, because I think we really are.

And I think one of the problems is that so much of this economic debate is couched in terms that most folks just don’t understand.

And that’s no insult to you, the viewers, the listeners or anybody else. It’s just put in such a way that it’s not obvious to anybody what it means. Well, our job here is to try and simplify everything.



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