How to kill off an economy in one fell swoop? The Bank of England is doing a great job in not only killing off companies already struggling under mountains of debt, but causing massive mortgage defaults for ordinary working Britons. By increasing the interest rates again, many households across Britain will be made homeless thanks to the BofE.
With the constant exponential rise in living costs and interest rates, it is a certainty that at some point, there will be a breaking point in the economy, simply because none of the excessive measures taken by the BofE will alleviate an already faltering economy.
Instead of boosting and invigorating the economy by lowering interest rates and lowering taxation, which would accelerate and increase GDP, the BofE is utilising a scorched earth policy which will take the economy off the cliff. Add in factors like the sinking value of the Pound, soaring utility and food costs, and it does not take a genius to see the writing on the wall spelling — DEATH.
There is no way out now, as the damage has already been done. Millions of households will default on their mortgage payments, and millions of businesses will go bankrupt. All of this damage was self-inflicted, much of it by former Chancellor Sunak who spent profligately during the lockdown. As of today, much of the taxpayer’s £21 billion lost to fraud during the lockdown has not been recovered or will ever be recouped.
The coming maelstrom will not be a recession, but a Great Depression. Britain can thus expect not only economic devastation but civil unrest and an increase in crime.