Bank of England chief branded 'completely useless' and 'wholly ineffective' over cost-of-living crisis

GB News presenter Nigel Farage slammed Andrew Bailey for saying the jump in inflation was because of the war in Ukraine

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GB News' Nigel Farage has spoken out against the governor of the Bank of England Andrew Bailey and his comments on the impact of Russia's war in Ukraine being the cause of soaring inflation.

Mr Bailey stressed the war in Ukraine has resulted in an unpredictable jump in inflation, highlighting that there is still a “major worry” over further rises in food prices due to the conflict.

Nigel Farage
Nigel Farage

Nigel responded to Mr Bailey's remarks and said he disagreed: "Inflation was strongly embedded into the British economy before the war."

"This is a pathetic excuse from a completely useless, hopeless, failing Governor of the Bank of England," said Nigel.

Andrew Bailey, Governor Bank of England.
Andrew Bailey, Governor Bank of England.

The Governor of the Bank of England told MPs at the Treasury Select Committee on Monday: “The Ukrainian finance minister said is that there is food in store but they can’t get it out,” he told MPs.

“While he was optimistic about crop planting, as a major supplier of wheat and cooking oil, he said we have no way of shipping it out and that is getting worse.

“It is a major worry for this country and a major worry for the developing world.

“Sorry for being apocalyptic but that is a major concern.”

In March, UK food inflation increased by 5.9% and is expected to accelerate in the coming months.

Nigel slammed Mr Bailey "He didn't ever actually do anything when he was boss of the FCA and was wholly ineffective."

Nigel responded to Bailey defending the Bank of England and blaming the impact of the war in Ukraine for inflation, comparing him to US President Joe Biden.

Nigel criticised Bailey's advice for UK workers not to ask for higher wages and pointed out: "When you're on half a million quid a year it's probably easy to say that.'