This is the best summary I could come up with:
The UK’s latest inflation data for August will be released on Wednesday and is predicted to rise from 6.8% to 7%, after falling steadily in recent months.
Clare Lombardelli, chief economist at the OECD, said the UK had “seen slightly higher inflation than previously expected” and that the Bank of England was “taking the right action in raising rates” to tackle it.
The economic theory behind this is that it makes it more expensive for people to borrow money, meaning they will have less excess cash to spend, households will buy fewer things and price rises will ease.
The OECD’s economists also reduced their economic growth forecast for the UK for next year, due to pressure on households and businesses from higher interest rates.
The think tank added that economic activity had “already weakened” in the UK due to the “lagged effect on incomes from the large energy price shock in 2022”.
He added that the OECD’s predictions on economic growth did not take into account recent revisions elsewhere suggesting Britain’s economy had recovered quicker than others from the Covid pandemic.
The original article contains 484 words, the summary contains 181 words. Saved 63%. I’m a bot and I’m open source!
Almost like the policy of “money printer go brrrrr” was a bad idea.
Typical gaslighting technic. Vague statements with nothing to back up what you actually mean or any relevance to the topic at hand. The only reason the UK has done quantitative easing is in response to the failed government policies. With this we would have seen pensions wiped out. This is the fault of government not the BOE.
Yeah, what do those Bank of England economists who have said that they printed too much money know about the economy, eh?
Some some context. You are spouting gibberish.
Here’s your context: https://news.sky.com/story/bank-of-englands-regrettable-mistakes-fuelled-inflation-its-former-top-economist-says-12955124
No doubt you’ll claim he’s talking rubbish too.
Not exactly a lot of context is there? First main point would be that this is
MurdochComcast media who will jump through hoops to throw the blame away from Government. Always look at the bias of the reporter to understand how credible it will be.When asked about inflation, Mr Haldane said: "It [the Bank of England] kept on printing money for a bit longer than it needed to.
Which leads to the linked article : https://news.sky.com/story/coronavirus-bank-of-england-unleashes-further-150bn-of-support-for-economy-12124096
You have latched onto one sentence and want to use this as the reason for inflation for the UK. It is pretty loose. I can see why your first comments were so vague.
There is no value attached to “a bit”, neither is there any statistic thrown out as to how much this has affected inflation. The money printing as you like to call it was because of lock down. Which was at the behest of government. So you have taken a government policy issue and exaggerated the statement of “a bit” and decided this is the be all and end all of inflation from a statement made three years previously.
Here is someone who understands economics. . Let me highlight some comments:
Add this all together, and what King is really saying is that if you print money you get inflation[1]. Unsurprisingly, this simple notion which has long been beloved by right-wing politicians has now won support and amplification by those politicians and media friendly to their cause.
As I said always understand the bias of the media.
The writer adds:
I would not, of course, have written the paper if I thought he was. What I assemble is data that shows that although QE clearly did increase the money supply it did not in any way influence inflation upward. Indeed, there was no hint that inflation might take off until the autumn of 2021 when it was very apparent that it was other factors (Covid reopening, supply chain issues, war, sanctions, energy company profiteering, etc) that very obviously created the situation we now find ourselves in.
It then adds a lot of data to prove his point. So no, I am not stating your are wrong. A whole field of economists are saying that. They also point out the bias of your media link.
EDIT changed Murdoch to Comcast
Your rant falls at the first hurdle, because Murdoch sold Sky News in 2018.
Ironic that you complain about media bias when you’re constantly linking to LeftFootForward. Hardly an unbiased source.
I take it from your evasion in the reply that you cannot fault the article I linked that debunks your previous opinion?
Your rant falls at the first hurdle, because Murdoch sold Sky News in 2018.
True it is now owned by fox news owner comcast. Comcast has some very close links to the GOP, which is also part of the national conservative group. It is still very right wing in bias. Being right wing bias was the pertinent point as the article stated.
Ironic that you complain about media bias when you’re constantly linking to LeftFootForward. Hardly an unbiased source.
There is not a media on earth that does not have a bias. What I said was that you should always remember where the bias is. You can hardly fault me for not posting more from right wing media when they fail with honesty and credibility. My personal bias is left of centre with a strong dislike for the current batch of Tories.
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