Andrew Bailey should resign now, says former Bank of England adviser Dr Roger Gewolb (and Liz Truss)

Former Bank of England adviser Dr Roger Gewolb and Bank of England Governor Andrew Bailey in pictures

Former Bank of England adviser Dr Roger Gewolb is calling for Andrew Bailey to resign from his role as Bank of England Governor

Roger Gewolb

By Roger Gewolb

Published: 22/04/2024

- 11:21

With the annual International Monetary Fund (IMF) spring meetings this past week in Washington DC, Dr Roger Gewolb is calling for the immediate resignation of Bank of England Governor Andrew Bailey amid a torrent of criticism over the Bank's handling of monetary policy and inflation

I believe that Andrew Bailey is simply unfit for purpose as Governor of the Bank of England, and he must go immediately.

Enough is enough – his track record appears to me and many others as one of repeated failures, flawed forecasting models, and an inability to get a grip on inflation that has wrought havoc on the UK economy.

The 14 interest rate rises that Andrew Bailey and his colleagues at the Bank of England instituted have done nothing to stop the kind of non-consumer inflation we have.

It has fallen by itself as food and prices have dropped.

What it has done is wreck our economy - the mortgage market, the property market, the rental market is absurd.

Bank of England base rate chart shows increase to 5.25 per cent

The Bank of England base rate has been held at 5.25 per cent following 14 consecutive increases


Many, many millions of companies have been hit and won't recover, and many tens of millions of families and livelihoods have been destroyed forever, and will not recover. All for nothing.

Now, Ben Bernanke , the former Federal Reserve chairman - who Bailey brought over here to look over things - says their software is out-of-date, their software is defective, and their methods are outdated.

The whole thing is flawed, and they've covered it all up.

This is outrageous and on a scale with the Post Office scandal and their Horizon software debacle – except here we have the dissembling Bank of England doing the covering up, the damage 1,000 times worse than the Post Office and us being told absolutely nothing.

Is Andrew Bailey the Paula Vennells of the City, I ask myself?

With this abysmal track record of failures and flawed policies that have battered the economy, how can Andrew Bailey possibly remain in his role?

He has betrayed the trust of investors, industry, and the British people.

The time has come for him to depart immediately before more damage is done."

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