BoE not briefed on disastrous ‘mini-budget’, Bailey says

Governor says absence of independent assessment of tax package made it very hard to assess

Andrew Bailey
Andrew Bailey
Bank of England

The Bank of England was not informed of the likely scale of the government’s disastrous “mini-budget”, even though a Treasury official attended the monetary policy committee meeting a day before the government’s announcement.

In testimony to a parliamentary committee on November 29, governor Andrew Bailey said the Treasury official told the MPC “what they understood to be the situation”. However, Bailey added he didn’t think the official knew exactly “what was going to be in” the mini-budget.

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