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Updated: 04:02 24/06/21

Former Tory leader: Central banks have lost the plot

By Duncan Richardson, News Editor

18 Oct 2016

Former Conservative leader William Hague has hit out against Central Banks warning that they are ruining the global economy.

Since gaining independence from the government in 1997, the Bank of England has had the freedom to set interests rates with the mandate to control inflation and stimulate growth. This power has inevitably been abused and eight years after the 2008 meltdown they are still pursuing the same policies which brought the economy to its knees.

As the middle class shrinks it will be easier for politicians to blame central bankers than their own inept policies. In the aftermath of the financial crisis central banks lowered interest to anemic levels and embarked on a massive money printing program. With the economy so weak they have been unable to rewind these policies.

As the economy weakens, faith in central bankers will be lost and the effects will be felt across the global economy.

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