Bank of England bungling will have cost every UK household ￡5,546 by the end of 2025, Conservative MPs have warned.
The Thatcherite Conservative Way Forward group wants the Bank held to account for its performance and for the Chancellor to intervene to stop losses.
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It claims British households paid ￡1,185 more than they would have done between 2022 and 2023 if the Bank had kept inflation in line with similar countries.
Of the average household weekly expenditure of ￡528.80 in 2022, it says ￡43 was spent “just on inflation”.
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The group is also dismayed by the “quantitative tightening” process by which the Bank sells bonds. It warns this will cost the taxpayer the equivalent of ￡4,361 per household between 2023 and 2025.
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The group states that the Bank is “forcing British taxpayers to directly bail it out for any losses accrued during the sale of bonds”.
Greg Smith, chairman of the CWF, said: “The latest Bank of England figures suggest that this could lumber the country with an up to ￡200billion price tag.”
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He called for Chancellor Jeremy Hunt to “play an active role in deciding when and how these bonds are sold”.
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Fellow Conservative MP Danny Kruger, said: “Taxpayers have undertaken, via the Treasury, to guarantee any losses incurred by the Bank of England, so the Chancellor should play a large role in deciding when these bonds are sold. It seems to me to make very little sense to generate big losses for taxpayers which could so easily be minimised if these bonds were held until they matured.”
A Bank of England spokesman defended its performance, saying: “Up until September 2022, the Bank sent ￡123.9billion to HM Treasury, and it was always recognised that payments would reverse in future.”
It added that it also pays “billions of pounds” of income from issuing banknotes to the Treasury “which other central banks retain to balance their books”.
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