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I have already mentioned patronising politicians this morning, so let me not miss out on mentioning patronising central bankers as well. As the FT reports this morning:
A senior Bank of England official on Monday said it was a question of when and not if the central bank would start reducing interest rates as a “reward” for continued declines in inflation, as policymakers lay the ground for easing policy this year.
They added:
Pill was speaking in an online question-and-answer session after the MPC last week held the BoE key rate at 5.25 per cent.
“Lower interest rates are a reward to the economy for better inflation performance,” Pill said. “It is the focus on when, rather than if, I think, that has been what the governor has tried to focus on.”
So, Pill, who very clearly does not understand the causes of inflation or the fact that it always goes away without action being required of anyone, and who has been responsible with Andrew Bailey for imposing misery on the UK by raising interest rates as testament to their monumental incompetence, then patronises us all by suggesting that he’ll let us have a reward if people stop asking for pay rises, meaning that the economy is permanently rebiased towards the interests of capital and not labour.
Don’t you just love being patronised by smug, self-interested, central bankers?
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