Cities Quote by Harry Enfield
“According to the Bank of England the economy is growing too fast so interest rates must rise to counter the supposed inflationary threat. In lay terms, I interpret this to mean that people are working much harder, causing economic growth, and they're in danger of spending their money, which is what the recession-hit shops want them to do. But the Bank and the City seem to think this is wrong, and that if people work harder they should be punished by having their mortgages increased.”
About This Quote
Source Speech: Public statement by the Bank of England, 2023
The economy is overheating, prompting higher rates to curb inflation, which the speaker sees as punishing hard‑working citizens.
In simple terms: Fast growth leads to higher rates, hurting earners.
Key Takeaway
Consider the impact of monetary policy on everyday people.
Themes
economics
policy
inflation
interest rates
labor
Mood
concerned
analytical
Type
economic
policy
When to use this quote
- budget planning
- mortgage decisions
- consumer spending
- business investment
Key Concepts
macroeconomics
monetary policy
inflationary pressure
Questions to Reflect On
- Are higher rates the best tool to control inflation?
- How do they affect low‑income households?
A Different Perspective
Higher rates may also slow growth and cause job losses.
![“Just between you and me, shouldn’t the World Bank be encouraging MORE migration of the dirty industries to the LDCs [Less Developed Countries]?... I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that... I’ve always…” quote by Lawrence Summers](https://sms4smile.com/quotes/img-quotes/ac4/lawrence-summers-16940_air_just-between-you-and-me-shouldn-t-the-wo_4703.jpg)
