Bank of England has slowly tortured homeowners’ that feels ‘like a double punch with a right hook’

UK newswire, Newspage, sought the views of mortgage and property experts on the Bank of England’s track record and decision-making over the past 12 to 18 months in relation to inflation.

Mike Staton, director at Staton Mortgages said, “The Bank of England has slowly tortured homeowners in the UK for the past 16 months.

“They have consistently kept us all in suspense, causing lenders to not know whether they are coming or going. Threadneedle Street have handled this completely the wrong way.

“The slight increases they have been making have had little impact on inflation. It’s about time they joined the real world and realised the pain they are causing to the UK population.

“Andrew Bailey is so far out of touch he is at risk of being the main character in Avatar 3.

“How can he have the audacity to tell the public to stop asking for pay rises when he is sitting there in his Ivory Tower? It’s easy for him to make these comments whilst taking home his £575k salary.

“I doubt very much that inflation and interest rate increases are affecting him. I’d like to see him sign up for an episode of Wife Swap to see how he would feel after spending a week in Mansfield living on £1450 a month.

“His position should be an elected position.”

Paul Welch, founder and CEO at Large Mortgage Loans said, “The Bank of England has got it wrong. They’ve kept interest rates too low for too long. Sticking to a 2% inflation target, but why? Can’t it be 3% or 4%?

“Their rigid approach hurts the economy and the pain and suffering this policy is causing is simply too much and too fast.

“They set targets, then admit they got it wrong. Not helpful. In hard times, we need clear guidance to keep our businesses and households afloat.

“Also, high street banks are offering paltry rates at 1.5% on savings, even after the Bank of England has jacked up the base rate to 5%.

“With inflation rising, our savings are actually shrinking. It feels like a double punch with a right hook.

“We need the Bank of England to wake up, be clear, and fight for us, not against us.”