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Bank Charges: Bank of England 'not blameless for economic crisis'

The Bank of England should acknowledge its role in helping to create the current financial crisis gripping the UK, it has been claimed.

Coming as many British consumers struggle with their personal finances, with bank charges and credit card claims among the biggest of their worries, a former member of the Bank's Monetary Policy Committee (MPC) has stated that his former employer is partly to blame for the mess.

Indeed, according to Dr Sushil Wadhwani, who served on the MPC between 1999 and 2002, the chancellor George Osborne is "plain wrong" to believe that the Bank of England didn't have the necessary powers to counter the growth in asset prices over the past few years.

Furthermore, speaking to the Telegraph, he added that a lack of contrition on the Bank's part means future mistakes are a possibility.

"The Bank of England has been given more power without any evidence that they are willing to learn from their mistakes," he warned.

At the same time, current MPC member David Miles has stated that it is still too soon for the Bank to raise interest rates.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800002680-ADNFCR



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