Excerpts were published this weekend and include a scathing take on Britain’s financial establishment. She describes the Treasury, the Bank of England and the Office for Budget Responsibility (OBR) as a “three-headed hydra” which “wanted to stick as closely as possible to EU law”.
But the now backbencher went further in the interview, saying Bailey should no longer run the UK’s central bank. She also said she would “like to see the back of the OBR” and called for an investigation into the response to its infamous September 2022 “mini-budget”, which forced the BoE to intervene to calm markets.
When asked if she thought Bailey should still play her role, Truss replied, “No, I don’t. I certainly think there should be a proper inquiry into what happened in September 2022. And into the actions taken by the Bank of England.
Prime Minister Rishi Sunak has confidence in Bailey and appreciates the BoE’s efforts to reduce inflation, his official spokesman said at midday on Monday.
Truss was forced to resign shortly after the Budget, in which she announced tax cuts for Britain’s richest and chose not to publish the OBR’s usual economic forecasts. Markets crashed following this statement and the pension fund industry nearly collapsed. The BoE stepped in with a £65 billion emergency facility to restore calm.
But Truss told LBC the reaction to his plan has been “smear”.
Politico
