By: Nick Whitehouse

Nick Whitehouse
Wed, 17 Apr 2024 20:27:13 +0000

If one had to single out one particular part of the “blob”, which destroyed Truss, then it was the B of E.

They refused to increase IRs after the Fed had raised the US rate and then said they would not meet for another 6 weeks. This was in a time the inflation was increasing alarmingly, but the B of E were still clinging to their idea that inflation was “transitory”.

Surprise, surprise, the pound fell against the dollar.

It leaves the question was the lack of action by the B of E, due to incompetence or a desire to get rid of Truss?