Nigel Farage insisted a Brexiteer ought to have been made governor of the Bank of England as he hit out at Andrew Bailey over rate of interest hikes.

The politician-turned-broadcaster claimed the "economic incompetence with which this country is now being led beggars belief".

The GB News presenter referred to as for Bank of England governor Mr Bailey - who took on the position in 2020 - to go.

Mr Farage insisted the job ought to have gone to a Brexiteer who "believed in making us competitive".

His feedback come because the Bank of England at this time pushed up rates of interest to 5 p.c, the best in nearly 15 years.

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In a livid video on Twitter, Mr Farage mentioned: "The economic incompetence with which this country is now being led beggars belief.

"Andrew Bailey did not see inflation coming, when it began he mentioned it was transitory, he did not put charges up.

"And because of that our inflation rate is now higher than that in Europe and in America.

"Now charges are going to soar and anybody with borrowings goes to pay the worth.

"This bloke is a total incompetent. We needed a Brexiteer as governor of the Bank of England, someone who believed in making us competitive.

"He isn't any good, it is time he was sacked, it is time Rishi to ditch the dud."

The 0.5 percentage point increase was the sharpest increase since February, surprising economists who had been expecting a smaller hike of 0.25 percentage points.

It follows a higher-than-expected inflation reading in May as continued price rises forced policymakers into action in a bid to bring inflation down to the two percent target.

Governor of the Bank of England Andrew Bailey said: "The economic system is doing higher than anticipated, however inflation remains to be too excessive and we have got to cope with it.

"We know this is hard - many people with mortgages or loans will be understandably worried about what this means for them.

"But if we do not elevate charges now, it may very well be worse later."

The transfer is about to deepen the mortgage disaster as borrowing prices are hiked up for the thirteenth time in a row.