Ɖ Gardịn vy on ɖ Banc v Ñgḷnd: on ɖ sîd v profit, nt ppl
(Transcription of an editorial published in the Guardian on 2 November 2022)
Ɖ Banc plesz an opresiv ʈum on ɖ scel v ic̣nomic justis, t gaṛnti ɖ dominns v xtractiv inṭrests
Wnzde 2 Nvmbr 2022
Ɖ Banc v Ñgḷnd’z munitri-poḷsi cmiti wl olmst srtnli rêz inṭrestrets fr ɖ etʈ tîm cnsektivli in a yir on Ʈrzde, dspt ɖ icoṇmi hedñ twdz rseśn. It z nt clir ẃ Britn nīdz its bigist rethîc in 33 yirz. Mcñ muni dirr ẃl ɖ Treẓ́ri cuts spendñ n rezz taxz wl onli dīpn n pṛloñ a rseśn ɖt ɖ cuntri me olrdi hv entrd. Ɖt z probbli ẃ ɖ depyti guvnr, Ben Brōdbent, wz snt ǎt on ɖ de Liz Trus rzînd t argy ɖt rets cd nt cīp rîzñ – az it wz a meḍsin ɖt wd hrt ɖ peśnt.
Ɖ tîmñ v Mr Brōdbent’s spīć sjstd ɖ Trus imploźn wz sol̦i rsponsbl fr hayr borowñ costs. Yt inṭrestrets wr 0.1% ɖs tîm last yir n ɖe r xpctd t hit 3% on Ʈrzde. Yzñ a rūl v ʈum, ɖ Banc hz impozd a £1,800 ańl xtra ćarj p’ £100,000 v morgijdét acrùd bî borowrz. Ɖs z a probḷm az 1.8 miłn ppl huz lo fixt-ret morġjz end nxt yir wl hv t rīfînans ɖm at a hayr cost. Rents wl olso rîz. Mz Trus’z incompitns n lac v a b’liṿbl groʈplan dzrv snśr. Bt ɖ public wd b roñ t blem hr fr hayr rets n fiscl tîṭnñ. Ɖ Banc n ɖ Treẓ́ri ǒn ɖoz dsiźnz.
Doctrz no longr b’liv ɖt blīdñ ɖ sic wl mc ɖm hlʈi. Unforćṇtli, ic̣nomic-poḷsi mcrz stl d. Olivier de Schutter, ɖ YN raportŕ on xtrim poṿti, z rît t b “xtrimli trubld” bî multibiłn-pǎnd spendñcuts invizijd bî Riśi Sŭnac ɖt wl hrt ɖ purist in Britn. Osteṛti 2.0 z lîcli t b mć wrs ɖn ẃn it wz atmtd a deced ago. Wn rīzn z ɖt bac ɖen public spendñ wz cut, bt so wr inṭrestrets. Nǎ rets r rîzñ n guvnmnt s’port z dwindlñ. Mor ppl r imploid, bt on fōlñ riyl wejz. Infleśn z rîzñ – bt ɖ evidns z ɖt proḟtirñ frmz, nt wrcrz, r pśñ p prîsz.
It sīmz ɖt ɖ Banc’z infleśn-tarġtñ reźīm, intṛdyst in 1992, hz an antiwrcr bays. Andru Beili, its guvnr, let ɖ cat ǎt v ɖ bag ẃn h ćastîzd wrcrz fr ascñ fr pêrîzz – ẃl bizṇsz hv iscept snśr fr amasñ hyj profits, īvn ɖo ɖer xesz hv md infleśn wrs. Rezñ rets beṇfits ɖ fînanśl sectr ɖt ɖ Banc z mnt t reğlet. Cmrśl bancs gt peid mor t hold risc-fri gílts. Ɖ muv s’ports ɖ cuṛnsi n alǎz ɖ Banc t ri’srt its cntrol v inṭrestrets bî tîṭnñ n ɖen oḟrñ gílts t prîṿt invstrz rɖr ɖn prć̣sñ ɖm itslf. Bt hayr rets olso śift incm fṛm pur hǎsholdz wɖ no sevñz t rićr wnz ɖt hv lots.
Wɖt mec̣nizmz t cīp prîsz gwñ hayr, ɖe wl fōl. Ɖs z ẃt hapnd in 2009 aftr ɖ last big śoc. Ɖr’z no sîn ɖt bʈ prîs- n wej-setrz r simlteńsli drîvñ p ɖer dmandz. Bt ɖr r distṛbyśnl n p’liticl ćôsz in hǎ infleśn z bròt dǎn. Ɖ Banc plesz an opresiv ʈum on ɖ scel v ic̣nomic justis, t gaṛnti ɖ cntinyd – n bêlfl – dominns v xtractiv inṭrests in ɖ Britiś icoṇmi. Az ɖ sntṛl bancs’ ańl rport śoz, ɖe ʈnc ɖt f ɖ rîzñ cost v gdz cōzz infleśn, ɖen wrcrz, nt cumṗniz, śd pe fr it wɖ lowr pe. Ɖ Banc v Ñgḷnd śd b stopt in its tracs, nt left t rîd ruf-śod ovr ɖ public.
