The government reaffirmed its commitment to the Bank of England’s independence in Chancellor Kwasi Kwarteng speech at today’s (23 September) Mini Budget.
Kwarteng said that the government "considers the Bank of England's independence to be sacrosanct" and that it had confidence the central bank would be able to control inflation. Prime Minister Liz Truss had raised industry concern by promising to review the Bank of England's mandate, before reversing course on the decision. The Treasury document added: "The independence of the Bank of England is vital and the government has reconfirmed its commitment to the monetary policy remit. The government has full confidence in the Bank of England to take action to get inflation back to target."...
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