Jacob Rees-Mogg has pin-pointed exactly who he thinks should be blamed for the crippling inflation gripping Britain at the moment.
In an exclusive interview with GB News, he claimed the Government was forced to overlook mistakes made by the Bank of England during the Summer.
Jacob Rees-Mogg joined GB News' Political Correspondent for an exclusive interview.
GB News
Rees-Mogg told GB News’ Political Correspondent Tom Harwood: “Mistakes are always made as it’s part of the human condition to make mistakes. Perfection is not within the human gift.
“There was a combination of circumstances that meant that the financial statement in late September 2022 had consequences that led to the end of that government pretty quickly.
“It coincided with the Bank of England failing to raise interest rates enough and being slow in dealing with the inflationary problem."
The Bank of England raised interest rates at the beginning of November to three percent from 2.25 percent, marking the biggest single increase since 1989.
Tom Harwood's exclusive interview will air on January 12th from 9:30am.
GB News
Rees-Mogg continued: “An independent Bank of England has one task, to keep inflation at 2 per cent. And it has manifestly failed at that task.
“That is not the Government, that is the independent Bank of England.
“As a minister, we all had to pretend the Bank of England was doing marvellously - well it wasn’t. It's an institution that has let the country down.
“Because the Government was covering up for the Bank of England, it took all the blame for difficulties in the financial markets, which was partly the Government's fault, but not entirely of course.”
He added: “If you've got inflation, you've got to raise interest rates. Inflation is such a problem, you can't just pretend it's not there and not raise rates.
“What the Government, Bank of England shouldn’t have done was the final stage of quantitative easing during the pandemic, which added fuel to the fire and added a certain amount to the inflation rate.
“And going back further, it should have been normalising interest rates in the 20-teens.”
Inflation in the UK reached 10.7 per cent in November, and the Bank of England’s chief economist warned on Monday that inflation could persist for longer than expected.
Watch Tom Harwood’s full exclusive interview with Jacob Rees-Mogg tomorrow from 9:30am, only on GB News.