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The Rest Is Money
48. Who Killed Liz Truss? Britain on the Brink (Part 2)
Apr 14, 2024
The podcast delves into the Bank of England's response to a financial crisis, tensions between economic establishment and government, characterization of Andrew Bailey, controversial tax cuts, and a mystery in the racing world involving a missing racehorse and tragic death.
33:07
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Quick takeaways
- Bank of England implemented a massive bond buying program to stabilize the Guilt market.
- Political tensions escalated as government officials faced challenges in meeting economic demands.
Deep dives
The Government Bond Market Crisis
The podcast discusses the worst crisis in the government bond market, originating from unaffordable tax cuts proposed in the mini budget, leading to a dramatic increase in government borrowing costs. The crisis was exacerbated by investment funds linked to pensions, causing a ripple effect in the market relationship between Guiltz and LDIs. The Bank of England's delayed investigation into the impact of LDIs revealed a lack of stress testing on this market segment, sparking a race against time to stabilize the collapsing Guilt market.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode