The Bank of England Blinked. But Will Truss?

Leaders with Francine Lacqua

Bloomberg

Entrepreneurship, Careers, Management, Business

4.6 • 64 Ratings

🗓️ 29 September 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week's episode of In The City isn't for the lighthearted. Three weeks into her term, UK Prime Minister Liz Truss’s financial plans have sowed market chaos, pummeled the pound and put her political future in doubt. So how bad is it? Adam Posen, president of the Peterson Institute for International Economics, tells David Merritt and Francine Lacqua that "it's hard to imagine worse panic than what we've seen ... it's just really sad to see the UK government behaving in this irresponsible way."

Plus: The pound is on parity watch. We hear from a trader who made billions in 2008 and is now buying up sterling, and a hedge fund manager who is shorting the pound and betting against UK stocks.

And to get the latest on UK news delivered to your inbox, subscribe to The Readout with Allegra Stratton.

See omnystudio.com/listener for privacy information.

Transcript

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0:58.9	Francine, it has been a wild week of headlines.
1:03.0	The British press, True to Form, coming up with some striking lines on the market chaos.
1:08.7	And I was looking back at some of the headlines from crises gone past,
1:15.4	you know, echoes across the decades. I think it's fair to say. So Dave, I'm playing the same game.
1:20.8	Which event do you think this quote refers to? Within a few hours, the government was stripped of all
1:25.6	political credibility. Yeah, that could apply, couldn't it?
1:28.8	I mean, we're talking the Brexit vote, perhaps Black Wednesday, 13 years ago. Black Wednesday.
1:34.4	Yes. Thank you very much. Good job. Okay, I have another. I have this headline. So what the
1:39.2	hell happens now? Yeah, well, we've all been asking that, haven't we? Yeah, but it's not from this week. Brexit? Was that Brexit? Yes, Daily Mirror, morning after the Brexit vote. Okay, this is my favorite one here. The Daily Star, Honey, I shrunk the quids. That was good. So this is from this week. And then I have another one actually from this week. Fury at the city slickers betting against UK PLC.
2:02.5	And that's from the Daily Mail.
	...

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