Rishi Sunak is “guilty” that inflation is so high, one of the main supporters of Liz Truss said.
Sir Iain Duncan Smith, who is… support the Secretary of State to become the next Tory leadersaid on Sunday that former chancellor Mr Sunak had signed measures that have pushed inflation up.
It is the latest in a series of attacks by supporters of Mrs Truss and Mr Sunak on the economic policy.
“Here in the UK we have to bear some of the blame for having inflation on top of that” [the Covid pandemic and the war in Ukraine]Sir Iain told Sky’s Sophy Ridge.
“That’s because of the Bank of England and the Treasury’s failure on monetary policy. More than a year ago, the Bank continued to print huge sums of money, which inflated the economy and kept interest rates low. It was the Treasury who signed the printing of money, and no less the Chancellor.
“Before people say ‘no, it’s independent’, the Treasury has the right to say no to the money printing and they didn’t. That has fueled inflation.
“The chancellor has approved the extra money that was printed. The Treasury has a right to say no, and between them and the Bank frankly I think they are wrong.”