Mini Budget 22: Govt reaffirms commitment to BoE independence

Chancellor Kwasi Kwarteng's speech confirmed OBR report to come

Elliot Gulliver-Needham
clock • 2 min read

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."...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England meets expectations with 25 basis point rate cut to 4.75%

Bank of England meets expectations with 25 basis point rate cut to 4.75%

'Continued progress' on disinflation

Valeria Martinez
clock 07 November 2024 • 2 min read
'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read