Express & Star

LETTER: Brexit is not the cause of all this

I recently read an article penned by Mark Carney the previous governor of the Bank of England. In this piece Carney placed the blame for today’s inflation on, yes you guessed it, Brexit.

The UK economy

Of course anyone with the ability to think for themselves knows that he is plain wrong. The problem of today’s inflation is one of supply deficiency, it is not an absence of demand.

During the pandemic the government pumped massive sums into the economy, to support the population in furlough.

Sadly however, the present incumbent at the Bank Of England, Andrew Bailey did not cease his so called quantative easing or creating more money to you and I. So the overall liquidity in the economy increased to ridiculous heights.

The pandemic destroyed supply lines both at home and abroad and in Britain employers suffered severe labour shortages, as over a million workers did not return to their jobs. This had the natural impact of reducing production of goods and services both at home and abroad.

Added to this world events and shocks such as the Ukraine invasion compromised foodstuff and energy production. The result was obvious and predictable.

The pile of cash created at home remained available but the supply of goods, services and commodities reduced markedly. The consequence is the inflation we see now.

The economic policy and thinking at the Bank of England is plain wrong. This economy or no other economy can thrive when the government takes more and more of GDP. Presently 47p in the £ of GDP is spent by Whitehall.

Martin Bristow, Wolverhampton

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