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With the benefit of foresight

Economic consequences of Brexit?

Who said this about the UK’s recent (and ongoing) monetary policy?

“Essentially it makes the rich richer and makes life difficult for ordinary savers.”

Jeremy Corbyn, do you think? His shadow chancellor John McDonnell?

Nope. It’s George Osborne, talking to Bloomberg TV.

Regular readers of this blog may remember us highlighting before how the then Chancellor’s policies and the Bank of England’s efforts to stave off recession combined to keep house prices high, benefitting the wealthy, whilst driving down savings interest rates.

Mr Osborne went on in the interview to claim “it is too early to say what economic consequences of Brexit will be”.

Quite a change from Project Fear’s predicted emergency Budget and all-round economic car crash.

Candour and common sense. What a pity he needed to leave Number 11 before saying what everyone else was already thinking.

Hinckley & Rugby Building Society chief executive Chris White.


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