The Bank of England has been accused of “losing the plot” by preparing to hike interest rates when millions are in the grip of cost of living crisis and the country is on the brink of a recession.
Former Bank rate-setter Professor David Blanchflower singled out £600,000 a year Governor Andrew Bailey, saying: “I think he is a complete disaster.”
Economists predict the Bank’s Monetary Policy Committee (MPC) will today raise its base rate from 1.25% to 1.75% - its biggest hike in 27 years.
