Bank of England Governor Andrew Bailey said there was an 'immediate meeting of minds' when he spoke with finance minister Jeremy Hunt about the need to fix the public finances after the tax cut plans of Hunt's predecessor unleashed market turmoil.
Governor of the Bank of England, Andrew Bailey, speaks during the Bank of England's financial stability report news conference, at the Bank of England, London August 4, 2022. Yui Mok/Pool via REUTERS/File Photo'Very clear and immediate meeting of minds' on fiscal challengeRecent bond-buying not about targeting yields
"I can tell you that there was a very clear and immediate meeting of minds between us about the importance of fiscal sustainability and the importance of taking measures to do that," Bailey said."Of course there was an important measure taken yesterday," he said at an event where he also hinted at a big interest rate rise by the central bank next month.
The Office for Budget Responsibility was not tasked with weighing up the impact of Kwarteng's "mini-budget" which set off a slump in the value of the pound and government bonds when he announced it on Sept. 23.Truss criticised the BoE during her leadership campaign, saying she wanted to set a "clear direction of travel" for the central bank. BoE officials pushed back at those comments saying their independence was key to managing the economy.
It is due to announce its next decision on Nov. 3 and many investors think it will either raise them from their current level of 2.25% to 3% or possibly 3.25%.
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