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Bank of England should be 'more considered' over economy says Christian financial commentator

by Donna Birrell

A Christian financial commentator says the Bank of England and government are too reactive and should be “more considered” over the economy.

Arwyn Bailey was speaking after figures showed inflation dropped to 7.9 per cent in June, down from 8.7 per cent the month before.  It shows the pace of increases in the cost of living have eased - and by more than economists had predicted.  The slowdown's been fuelled by drops in fuel costs and smaller food price hikes.

It’s good news for the government, which has pledged to bring inflation down to around 5 per cent by the end of the year.  However Arwyn Bailey told Premier the UK economy isn’t yet out of the woods :   

“It’s lower than expected, but let's not get too carried away. The reality is that nobody knows whether this will mean interest rates don’t rise again. I take all of these sort of iterations and emotions with a big pinch of salt.  The Bank of England and politicians do what's necessary, they are very reactive, and they do what they think is necessary at the time, instead of being more considered.

“Can we trust their forecasts and predictions?  No, we can't, because there are so many factors that influence whether inflation is going up, interest rates, etc. And interest rates are driven in a capitalist economy, by inflation rates.  It’s as simple as that.”

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