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Businesses using Brexit to exploit consumers, claims ex-Thatcher aide

Published 10/08/2016

Sir Bernard Ingham with former prime minister Baroness Thatcher
Sir Bernard Ingham with former prime minister Baroness Thatcher

Industry, commerce and the City have been accused of employing every wile to part the consumer from his money to maximise their profits.

"With notable exceptions, most of them are now, post-Brexit, engaged in talking down the economy," claimed Sir Bernard Ingham, Margaret Thatcher's former press secretary.

Writing in the Yorkshire Post, he said: "Not a day goes by but some firm or organisation attributes some marginal decline to Brexit to convince us that what is happening is exactly what they forecast."

He went on: "I have the most serious doubts whether the Bank of England should have halved interest rates to a record 0.25% and printed oodles of cash into the bargain.

"Surely, by utterly destroying any incentive to save, encouraging people to spend, spend, spend - and banks to lend, lend, lend - and debauching the currency, we are stoking up trouble that will owe nothing to Brexit but everything to official stupidity."

Sir Bernard added: "I am thoroughly brassed off with the exploitation of the ordinary consumer and the sheer, destructive negativism of whole swathes of our commercial society and its entirely unreliable economic forecasters.

"I fervently hope that out of the current turmoil Theresa May engineers a more responsible capitalism. If not, it will deserve a pox on all its houses."

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