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Podcast: Beyond Currency
Episode: 7 November 2022 - UK was ‘hours from meltdown’
Description: When Liz Truss and her Chancellor Kwasi Kwarteng announced their mini-budget containing a series of unfunded tax cuts, it caused such alarm in the markets, especially amongst pension funds, that the Bank of England was forced to step in.
Andrew Bailey, the Bank's Governor, held talks with representatives from the hours of having to implement emergency plans for a market meltdown. Treasury, Bank Chairmen, and the Office for Budget Responsibility to try to have the measures reversed, considering what they could see happening in real-time,
Representatives of the OBR, whose report on the effect of the measures was ignored and...