UK Government ‘Undercutting’ Key Economic Institutions: Former Central Bank Governor
The UK government has been working at “cross-purposes” with the central bank and “undercutting” the country’s key economic institutions, a former governor of the Bank of England has warned.
Sir Mark Carney, who served as governor of the Bank of England from 2013 to 2020, criticised the government’s mini-budget, which has led to turmoil in the financial markets.
Chancellor Kwasi Kwarteng on Sept. 23 unveiled the biggest package of tax cuts in half a century, which was aimed at spurring growth in the UK economy but sparked panic among investors concerned about increased government borrowing, causing the pound to fall and borrowing costs to soar….