"Hurricane" Farage causes nervous breakdown at the Bank of England – The jab at Carney

Nigel Farage, in an interview with Bloomberg on the sidelines of the World Economic Forum summit in Davos, heralded drastic changes to the United Kingdom's economic policy should his party take power, causing a nervous breakdown at the Bank of England.

Ending interest on QE and a £20 billion cost for banks

Farage, the self-described CEO of the Reform Party, confirmed that he intends to stop the Bank of England from paying interest on QE reserves, even if this costs British banks £20 billion. "It will be difficult for the banks to accept. I understand that. I'm sorry. But the burden on public finances is excessive," he stated. When asked if banks would pass the cost onto their customers, he replied that they could either become more efficient, reduce costs, or do whatever is necessary, adding: "They shouldn't even have had this money."

Questioning the independence of the Bank of England

Farage openly questioned the independence of the Bank of England, stating that after the Brexit referendum, the governor should have been a Brexiter. "What a disaster UK economic policy has been over the last 15 years. We must question its every foundation," he emphasized. Referring to the current governor, Andrew Bailey, he described him as a "perfectly polite and pleasant man," but underlined that a Brexiter should have been chosen to reshape the bank's thinking, especially on financial market issues.

Experts and the "American Model"

Farage proposes bringing in non-political experts to design policies in various sectors, comparing the approach to that of the United States. At the same time, he stated that discussions at the WEF show that the Brexit vote was the beginning of a major shift in the international order, away from "globalism." "Now everyone understands that those were the first tremors of a very large change in the international political debate," he noted.

A jab at Mark Carney

Responding to a recent statement by former central banker Mark Carney regarding the cooperation of middle-tier states against the geopolitical interventions of Donald Trump, Farage commented ironically: "Our good Mark Carney, isn't he wonderful? A guy who gets everything wrong and gets promoted – incredible."

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