Theresa May takes swipe at Bank of England policies

Theresa May

Prime Minister Theresa May has implied the government will address the low interest rate environment, which she argues is driving inequality.

“A change has got to come. And we are going to deliver it,” May told the Conservative Party Conference on Wednesday at the end of a section of her speech that attacked the Bank of England’s policies.

“While monetary policy – with super-low interest rates and quantitative easing – provided the necessary emergency medicine after the financial crash, we have to acknowledge there have been some bad side effects,” May said.

“People with assets have got richer. People without them have suffered. People with mortgages have found their debts cheaper. People with savings have found themselves poorer.”

Before entering politics, May worked for 12 years at the Bank of England as a financial consultant and senior advisor.

Her speech also stated the financial services sector needed to be championed, while calling for a clampdown on advisers who help clients avoid paying taxes.