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Bake Off is really about the Bank of England

Wages are back behind inflation. As was near enough inevitable after Brexit.

And now some of the loonies members on the Bank of England Monetary Policy Committee are more likely to vote for interest rate rises as a result, tipping millions in the UK into an even bigger household economic crisis and inexorably paving the way for the next baking crisis.

And raising interest rates would reverse some of the decline in the pound thus reversing some of the inflation brought about by higher import prices.

Good thing Ritchie doesn’t claim to be an economist, isn’t it?

24 thoughts on “Bake Off is really about the Bank of England”

  1. “If inflation is ahead of wages, this is a crisis, because of austerity Tories Brexit secrecy.

    But if wages are ahead of inflation, this is a crisis because of Brexit Tories secrecy austerity.”

    The Daily Spud

  2. @bravefart “He claims, or has in the past claimed, to be “the No 1 economics blogger in the UK” – maybe in numerical terms but in quality terms ?
    He still doesn’t understand why people voted for brexit – words like independence/sovereignty mean little to this bought and paid for shill of the EU.
    Anyway I thought his remedy for inflation was MOAR tax – or is that yesterdays idea ?

  3. Richard Murphy is an absolute shyster. I recently attended one of his talks in Scotland and other than repeating his one liners he could not answer any questions about economic policy and is illiterate. How did he ever become a professor? It can’t be for intellectual grasp of anything. Academics normally explain their ideas in academic journals and these can then be debated and checked by academic peers but Murphy has hardly got any academic papers. His threadbare ideas (that is an insult to threads) are being used by the SNP as political fodder and have no merit and at least one writer has exposed him for what he is

  4. “As was near enough inevitable after Brexit.”

    I’m confused here. So, Brexit is so bad that its consequences are acausal? That they’re meandered back up the timeline to screw things up before it happened.

    Because, correct me if I’m wrong, you guys haven’t actually, you know, *Brexited yet*. Sure, there was a vote approving it, but you’re still in the same position you were before the vote. No one has actually *implemented* any of the breakaway yet. Its still all talking about how to do so.

  5. With the gay abandon of somebody unburdened by understanding

    That’s a good line. Normally I don’t go in for bitchy comments but as Murphy is such a massive bellend I’ll make an exception.

  6. @Slattibartfast – his about page lists his funding. I won’t link – you might have a queasy stomache after seeing dicks photo. He’s certainly paid by the eu – one of the reasons he’s keen on the eu and one of his previous articles called 2020 please is a begging letter to the eu for some of our cash. No doubt his sucking up to the snp is in the hope of getting some kickback from them.

  7. @moqifen

    He used to get grants from charities to do f’all and grants from civil service unions to churn out reports which said “huge tax gap, more civil servants needed”.

    Now he has the uni gaff. Which is more cash dished out for producing the same reports.

    As rentier goes it’s hard to beat. He has produced nothing new for years.

    He’s the purple cow of tax and economic theory

  8. “Suffice to say he’s like somebody looking at a report into the Titanic disaster and complaining there isn’t enough information about deckchairs.”

    That is a line I’m going to claim as my own.

  9. From today’s Daily Spud on Brexit

    “elites are mobile and have a habit of protecting themselves.”

    From earlier editions of The Daily Spud

    “tax rises do not cause people to move”

  10. “And raising interest rates would reverse some of the decline in the pound …”
    Rising dough?

    I’ll get me coat, then.

  11. @andrewc – if only it was one post a day – it’s multiple rantings per day. He must have poor gastrointestinal health to shit out so many crap ideas a day.

  12. “elites are mobile and have a habit of protecting themselves.”

    This from the man who says he’ll leave the UK for the EU after Brexit so he keeps his funding.

  13. Increasing interest rates would also make a disproportionate dent in the high demand we have been obliged to maintain to disguise the crash in confidence that followed the Referendum.
    Inflation has not largely been in shop prices thus far and interest rates are now so sensitive a signal you would be brave soul to increase them
    You are pleasingfly out of step here Tim .The rest of your nutty Brexit crew woud rather have anything than has the cost of Brexit made visible
    .The OBR and treasury are also shilly shallyingn and Paul Mason has, for the first time in his life written a good article with facts pointing out just that

  14. This from the man who says he’ll leave the UK for the EU after Brexit so he keeps his funding.

    Has anyone yet asked him, “When?”

  15. Good point guy on bbc. The decline in the pound has happened. Not expected to go lower so it’s not going to be an ongoing cause of inflation.

  16. So NewFacepainter you will climb into the sack with a commie if that “helps” your treasonous little cause.

    Colossal economic bad news is coming everywhere that scummy corporate socialist states have borrowed and printed to keep their welfare paradises afloat. Economic shit is heading everybody’s way regardless of Brexit you severed snails bollock.

    The only crash in confidence was amongst well-off, middle-class, cultural Marxist London Bubble scum like you.

    And fucking Nandos is STILL in business and you are a half-pint of Druncker’s piss rattling about in a pint point.

    And that is pint scumbag not litre.

  17. BraveFart

    I wonder if he is still the most read economics blog – would be interesting as he obviously royally hacked off john Mcdonnell so would the Momentum drones have struck him off their reading list?

  18. Newmania

    I read the article by Mason and would agree it is at least not utter rubbish although I am surprised at his renewed enthusiasm for the EU. Wasn’t it previously held to be a ‘neoliberal plot’ after all? I am finding it difficult to follow the Corbynite line as this is about the 12th U turn since he was elected.

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