Lib Dems back Bank of England after Farage criticism

The Liberal Democrats have voiced their support for the Bank of England's independence, following criticism from Nigel Farage. Sir Ed Davey, the party's leader, argued that the Bank's independence is the "best way" to address the rising cost of living and lower bills for UK households. Davey's remarks come after Farage, the former leader of the UK Independence Party, accused the Bank of England of failing to control inflation and criticized the institution's monetary policy decisions. However, Davey countered that the Bank's independent status allows it to make decisions based on economic factors, rather than political considerations. The debate over the Bank of England's role and independence has become a key political issue, with various parties and politicians offering their perspectives on how to tackle the cost-of-living crisis. The Liberal Democrats' endorsement of the Bank's autonomy underscores the ongoing discussions around the optimal approach to addressing the country's economic challenges.