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Jacob Rees-Mogg says he has ‘confidence’ in Bank of England governor Andrew Bailey but disputes pension funds ‘at risk’ | Politics News



Jacob Rees-Mogg has declared confidence in the governor of the Bank of England, but countered that pension funds have “systemic” risks.

Speaking to Sky News, the business secretary said “of course” he has confidence in Andrew Bailey, describing him as a “respected” person.

However, he questioned whether there was a “systemic problem” with pensions after the Bank of England extended market intervention to help pension funds for the second time in two days on Tuesday by buy queens linked to the index or not.

The business minister said that overall, pension funds were “risk-free”, but added: “Some pension funds have made some high-risk investments.”

He told Sky News that the “properly independent” Bank of England had stepped in to protect these “risky investments”.

Mr. Rees-Mogg repeatedly declined on whether the Bank was right to signal an end to its market intervention.

“I’m not going to criticize the Bank of England or the governor. I don’t have to speculate on what the Bank of England is doing,” he said.

The business minister also said his mortgage had increased as the Bank of England raised interest rates.

“Mortgage rates have gone up for everyone who has a mortgage, and I have a mortgage,” he said.

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