It may feel like a lifetime, but less than three weeks ago the UK had a different prime minister, a different Chancellor of the Exchequer and a brewing conflict between the government and the Bank of England. Former Chancellor Kwasi Kwarteng and BOE Governor Andrew Bailey were at loggerheads as the deadline for the central bank to end a bond-buying program neared. Cue the blame game with Kwarteng saying any fresh turmoil in markets would be “a matter for the governor.” But Bailey didn't budge. And days after that deadline passed, Kwarteng was out of a job and Truss wasn't far behind.
In this episode of In the City, senior reporter Phil Aldrick and correspondent Lizzy Burden join David Merritt in a conversation about the tension between the government and the BOE, how Bailey navigated both the market turmoil and pressure from Westminster, and what fresh problems now face the governor.
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