The UK will have to “go through pain” and get poorer as a country before its economy can recover, Kelvin MacKenzie has warned.
The former editor of The Sun issued the warning in light of comments made by the Bank of England’s chief economist Huw Pill, who said Britons should stop seeking pay increases which are pushing prices higher and rising inflation rates.
MacKenzie said: “We are going to get poorer and we probably have to be poorer.
“We spent 18 months sitting on our rear ends with the Government funding a lack of production, we called it a lockdown. It was a complete disaster that cost us billions we don't have.
“Secondly, along comes Mr. Putin and up go energy prices by 400 per cent, then we have inflation and then at the same time we were ladling on, the Bank of England was pouring out monetarism at 100 miles an hour. We were going to have a disaster and we've had the disaster and we're going to have to go through pain.
He continued: “We are in a situation now where we don't have, we have a we have a quasi recession, but what we don't have is we don't have unemployment. So although there is poverty and people are poorer, they're not as poorer as if we had this 40 years ago.
“So they are making the effort to make sure, but overall our country is poorer and our people are poorer and I don't see how that can be addressed until we get inflation under control.”
Jacob Rees-Mogg’s State of the Nation is live, Monday to Thursday from 8pm, only on GB News.
