Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Bank Charges: Bank of England 'not blameless for economic crisis'

The Bank of England should acknowledge its role in helping to create the current financial crisis gripping the UK, it has been claimed.

Coming as many British consumers struggle with their personal finances, with bank charges and credit card claims among the biggest of their worries, a former member of the Bank's Monetary Policy Committee (MPC) has stated that his former employer is partly to blame for the mess.

Indeed, according to Dr Sushil Wadhwani, who served on the MPC between 1999 and 2002, the chancellor George Osborne is "plain wrong" to believe that the Bank of England didn't have the necessary powers to counter the growth in asset prices over the past few years.

Furthermore, speaking to the Telegraph, he added that a lack of contrition on the Bank's part means future mistakes are a possibility.

"The Bank of England has been given more power without any evidence that they are willing to learn from their mistakes," he warned.

At the same time, current MPC member David Miles has stated that it is still too soon for the Bank to raise interest rates.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800002680-ADNFCR

Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide