Bank of England officials were excluded from mini-budget discussions

Bank of England deputy governor Jon Cunliffe warned the government against bringing in powers to intervene in work of regulators. Photograph: Reuters

Bank of England officials were excluded from discussions ahead of the mini-budget last month that triggered a “full-scale liquidation event” for pension funds, MPs heard on Wednesday.

Deputy governor Sir Jon Cunliffe, who said the central bank was forced into battle to save the £1.5tn pensions industry from insolvency, also warned ministers against grabbing fresh powers to meddle in the decisions of regulators or risk a further deterioration in the UK’s international reputation.