Bitcoin News and Finance Deflecting Blame Bank of England Governor Bailey Accuses UK Retailers of Overcharging Customers Skip to main content

Deflecting Blame Bank of England Governor Bailey Accuses UK Retailers of Overcharging Customers

Deflecting Blame — Bank of England Governor Bailey Accuses UK Retailers of Overcharging Customers

After the Covid-19 pandemic, many people believe the implementation of extensive stimulus measures and quantitative easing (QE) policies resulted in an overwhelming surge of inflation that has burdened millions across the globe. While certain individuals attribute this economic turmoil to the actions of central banks, Andrew Bailey, the governor of the Bank of England, firmly asserts that it is the retailers who are guilty of overpricing goods and services, consequently causing distress among countless families in the United Kingdom.

Bank of England Boss Andrew Bailey Pulls out the ‘Greedflation’ Accusation From the Bureaucratic Tool Box

Although central banks have often been accused of bearing the brunt of responsibility for the economy’s volatile boom and bust cycles, their leaders refuse to shoulder the blame alone. European Central Bank (ECB) president Christine Lagarde, for instance, attributes Europe’s relentless inflation to the impact of climate change. Meanwhile, in an interview with the BBC, Andrew Bailey, the governor of the Bank of England, contends that it is the retailers who are placing an undue burden on U.K. citizens.

In his interview, Bailey strongly emphasized that the burden of “overcharging customers” falls squarely on the shoulders of retailers, ultimately contributing to the unwelcome surge in inflationary pressures. “If you look at petrol prices, some sellers of petrol have possibly been charging too much for it,” Bailey insisted. When questioned about the potential timeline for a reduction in the benchmark bank rate, the governor of the Bank of England found it challenging to provide a definitive answer. Bailey stated:

I can’t give you a date as to when interest rates start to come down because that really depends upon what happens over the period of time ahead, but getting inflation down is the most important thing that we have to do.

Despite Bailey’s assertions, U.K. retailers are dismissive of the argument he presents, and Martin Scicluna, the chair of Sainsbury’s, the country’s second-largest grocery store, vehemently refuted the accusation, deeming it false. “To be very, very clear, we are not profiteering and we are not rip-off retailers,” Scicluna firmly stated.

This sentiment is shared by Alex Baldock, the CEO of Currys, an electrical retailer, who emphasized that the company has effectively managed to keep “a lid on price rises.” Moreover, the notion of “greedflation,” often propagated by bureaucrats and central bankers in an attempt to deflect blame from their own failed economic policies, garners limited support among people worldwide.

Within the United States, Democratic leaders are convinced that the surge in inflation can be attributed to nothing but unbridled corporate greed. Last year, Elizabeth Warren, the Democratic senator from Massachusetts, put forth the “Price Gouging Prevention Act of 2022” in response to this concern. However, this argument has faced extensive criticism.

Blogger Matthew Yglesias astutely pointed out the fallacy of “greedflation” last year, meticulously highlighting the plethora of inconsistencies and logical gaps within this theory when compared to actual facts, data, and rational thinking. Yglesias aptly remarked, “At the end of the day, though, only a very stupid person would think companies suddenly became greedy in 2021 after years of being non-greedy.”

What are your thoughts on Governor Bailey’s claim that retailers are to blame for rising inflation? Do you agree or disagree? Share your thoughts and opinions about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory