of course none of this is the government’s fault, and there’s definitely no “intellectual diversity” issue there either
this post was submitted on 27 Nov 2023
9 points (100.0% liked)
UK Politics
2985 readers
47 users here now
General Discussion for politics in the UK.
Please don't post to both [email protected] and [email protected] .
Pick the most appropriate, and put it there.
Posts should be related to UK-centric politics, and should be either a link to a reputable news source for news, or a text post on this community.
Opinion pieces are also allowed, provided they are not misleading/misrepresented/drivel, and have proper sources.
If you think "reputable news source" needs some definition, by all means start a meta thread. (These things should be publicly discussed)
Posts should be manually submitted, not by bot. Link titles should not be editorialised.
Disappointing comments will generally be left to fester in ratio, outright horrible comments will be removed.
Message the mods if you feel something really should be removed, or if a user seems to have a pattern of awful comments.
[email protected] appears to have vanished! We can still see cached content from this link, but goodbye I guess! :'(
founded 1 year ago
MODERATORS
The massive inconsistencies in government were the most obvious failures of the last 14 years. The BoE has two mechanisms to play with - interest rates and Quantitative easing. These are mechanisms that take months to gauge the outcome from. It is impossible to apply long term solutions with such a catastrophic approach to governing.
Car manufacturers do not know what is happening in 4 weeks time when the new rules are being applied. Rules that are being negotiated at a pace now. Everything is kneejerk with this crew. There is no consideration for anything outside of the party in fights.
This is the best summary I could come up with:
The Bank of England’s reliance on “inadequate” forecasting models and a lack of intellectual diversity within its most senior ranks contributed to inflation sticking at among the highest levels in decades, a Lords report has found.
In a report critical of Threadneedle Street, the powerful Lords economic affairs committee said the central bank had made “errors” in its handling of the inflation shock triggered after the Covid pandemic and Russia’s invasion of Ukraine.
Highlighting incorrect forecasts made in 2021 for inflation to cool, it said possible reasons included a “perceived lack of intellectual diversity” at the central bank.
At the time, it expected inflation to fall back as global supply bottlenecks eased, while the end of the government’s furlough scheme complicated its decision.
Energy prices were rising before the war, but then surged to among the highest levels on record after the February 2022 invasion, driving UK inflation to peak at a 41-year high of 11.1% by October 2022.
Calling for reforms to help manage future inflation shocks, the Lords report said the government should “prune” the Bank’s remit to reduce the number of issues it is focused on, while introducing a review of its responsibilities every five years.
The original article contains 462 words, the summary contains 199 words. Saved 57%. I'm a bot and I'm open source!