NEWS… BUT NOT AS YOU KNOW IT
Liz Truss’ economic policies pushed the UK to the brink of a potential financial meltdown, the chief of the Bank of England has said.
In a rare direct attack on government policy, Andrew Bailey revealed how he quickly came to see her £45 billion tax giveaway as a ‘very real threat to financial stability’.
By the time the Bank pledged a £65 billion intervention, four hours after September’s so-called ‘mini-budget’, his analysts feared a market rout could have been just ‘hours’ away.
Officials at the time said the move was needed to stop a ‘doom loop’ that would devastate Britain’s pensions and insurance companies, which manage trillions of pounds of people’s cash.