The Bank of England has admitted that mass migration is a chief factor in the increasing cost of rent in the country, further undercutting claims from the neo-liberal intelligentsia that unfettered waves of migration result in economic prosperity.
Following the decision by the Bank of England to hold interest rates at 5.25 per cent, the central bank’s chief economist, Huw Pill, rejected the idea that the increase in rent prices in England was merely a function of monetary policy, noting that the costs were more impacted by supply and demand, with not enough houses being built to cope with the historic levels of migration allowed under the so-called Conservative government.
“The population is growing… To some extent, the rents are really a reflection of supply and demand factors [and] reflect things that aren’t to do with monetary policy,” Pill said according to The…
