Reform UK Leaders Challenge Bank of England Policies Over Digital Pound and Quantitative Tightening

Reform UK leaders Nigel Farage and Richard Tice have strongly criticized the Bank of England's policies, particularly its efforts to introduce a digital pound, dubbed 'Britcoin,' which Farage claims represents excessive state control over citizens' lives. They also oppose the Bank's quantitative tightening (QT) program, arguing that selling government bonds at a loss is unfairly burdening taxpayers while disproportionately benefiting commercial banks, with estimated annual costs of £18-22 billion. Farage and Tice have pushed for greater political oversight of the Bank's monetary policy, challenging its independence and suggesting reforms if their party gains power. The Bank of England defends its policies, stating that the digital currency would not restrict user spending and that QT is necessary to maintain long-term public finance integrity. The debate highlights broader concerns over government control, fiscal responsibility, and the balance between central bank independence and democratic accountability. This confrontation marks a significant political challenge to the Bank's autonomy, reflecting Reform UK's ambitions ahead of the next general election.