deVere: Brexit caused inflation and prompted BoE to raise rates

Nigel Green, chief executive and founder of deVere Group, has blamed Brexit and its consequences for driving wage inflation and, as a result, causing interest rates hikes.

“Brexit’s ending of free movement of people continues to cripple critical parts of the UK economy such as transport, hospitality and retail, and this is fuelling wage inflation, which is a direct reason why the Bank of England is now raising rates,” he said.

The decision of the Bank of England earlier this week to raise interest rates to 5%, the highest in almost 15 years, prompted Green to point to “economic incompetence” the country is being led with, according to him, to link this to Brexit.

According to deVere’s CEO, Nigel Farage’s “lies about Brexit” were to blame for the UK’s inflation and it was “disingenuous” to blame the Bank of England governor, Andrew Bailey, he added.

“Nigel Farage is doing what Nigel Farage does: creating sensationalist headlines, that are lacking in reality.

“The fact is that his Brexit lies in a large part have caused the sticky inflation that has prompted the Bank of England to raise interest rates further,” he said.

“All Western countries have seen price hikes in the last two years, but the UK’s inflation is the worst in Western Europe. Why? Brexit – of which Farage was one of the primary architects,” he continued.

“As someone who runs a global organisation, I can see that Brexit has made almost every economic activity with the EU more onerous and expensive.

“While the Bank of England might have made mistakes on inflation, it is disingenuous for Nigel Farage to now attack the governor of the central bank as Brexit is a hugely important contributing factor as to why the UK is still battling hot inflation.”