‘Something’s gone wrong’: Kwasi Kwarteng critical of Bank of England

Guardian News published this video item, entitled “‘Something’s gone wrong’: Kwasi Kwarteng critical of Bank of England” – below is their description.

The business secretary, Kwasi Kwarteng, has criticised the Bank of England’s control of inflation, saying ‘clearly something’s gone wrong’ at the institution, as prices are predicted to rise by 13% and the UK is forecast to suffer an economic downturn lasting more than a year. 

As a key supporter of the foreign secretary, Liz Truss, Kwarteng’s comments suggest the Bank’s independent mandate to keep inflation at 2% may be re-examined if she should become the next prime minister

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In This Story: Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.

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In This Story: Inflation

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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