Bailey Pulled a Blinder
Leaders with Francine Lacqua
Bloomberg
4.6 • 64 Ratings
🗓️ 3 November 2022
⏱️ 27 minutes
🧾️ Download transcript
Summary
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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Transcript
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| 0:59.0 | Because Chancellor Quasi Qwaite says the Bank of England would be responsible for any market |
| 1:03.0 | volatility after its bond buying program ends. |
| 1:06.0 | Confusion, I think, comes between the financial side of the Bank of England and the monetary |
| 1:10.6 | side of the Bank of England and the monetary side of the Bank |
| 1:11.2 | of England which are now trying to do different things. They are trying to hold things together |
| 1:15.6 | as best they can. Trying to maintain price stability and at the same time address financial |
| 1:21.1 | stability issues with this other instrument. Monday but this is going to get tense perhaps. |
| 1:25.6 | Yeah so you've got both the Prime Minister and the Bank of England. |
| 1:30.8 | There you have the sounds of investors, fund managers, analysts, everyone talking on Bloomberg over the last month |
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