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- Liz Truss to look at changing Bank of England mandate on inflation – FT
Liz Truss to look at changing Bank of England mandate on inflation – FT
“Foreign secretary Liz Truss, a frontrunner in the race to become the next British prime minister, said she would look to change the Bank of England’s mandate to ensure it controlled inflation,” said the Financial Times (FT) during early Thursday morning in Asia.
The news also mentioned, “Speaking at a hustings of Conservative party members in Cardiff on Wednesday, she argued that inflation had been caused by “huge” supply side shocks after the pandemic and the Ukraine war and said she wanted to review the mandate of the central bank, which has a target of maintaining 2 percent inflation.”
Additional quotes
The best way of dealing with inflation is monetary policy and what I have said is I want to change the Bank of England’s mandate to make sure in the future it matches some of the most effective central banks in the world at controlling inflation.
The last time the mandate was looked at was in 1997 under Gordon Brown. Things are very, very different now.
What is simply wrong at this time is to be putting taxes up on ordinary people when they’re struggling to pay their fuel bills, they’re struggling to pay their food bills.
Her campaign received a boost on Wednesday when former health secretary Sajid Javid offered his support. In a comment piece in the Times newspaper, Javid praised the foreign secretary’s ‘sharp focus and willingness to challenge the status quo’.
Recent YouGov polling has placed Truss firmly ahead in the leadership race, with 69 percent of members favoring the foreign secretary, compared with 31 percent backing former chancellor Rishi Sunak.
GBP/USD retreats towards 1.2100
The news appeared to have helped the GBP/USD bears in posting the three-day downtrend as the quote remains pressured around 1.2140 after two consecutive days of south-run.
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