Kwasi Kwarteng ‘must rebuild trust with markets’ about borrowing

A former Bank of England chief laid into its response to the Sterling crisis today as Kwasi Kwarteng faces a battle to rebuild trust with markets over the scale of borrowing for his growth-boosting Budget.

The Pound appears to have steadied somewhat after a rollercoaster ride in which it hit a new record low of just $1.0327. It then clawed back most of the ground but slumped again when the Bank stopped short of the emergency interest rate hike many had anticipated.

Professor Sir Charlie Bean, who served as deputy governor, said his ex-colleagues should have ‘gone big and gone fast’ – pointing out that UK government borrowing was now more expensive than Italy and France since the markets took fright.

He told BBC Radio 4’s Today Programme the Bank was ‘rightly reluctant to have emergency meetings’, but added: ‘I think on this occasion if I had still been at the Bank in my role as deputy governor, I certainly would have been counselling the Governor that I think this is one of the…

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Written by Bourbiza Mohamed

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