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Evening Standard

Business

Jonathan Prynn

How the Bank of England saved Liz Truss’s bacon

Liz Truss Bank of England Jon Cunliffe Britain

UK Prime Minister Liz Truss (Jacob King/PA)
(Picture: PA Wire)

The language is dry, as you would expect, but the letter from Bank of England deputy governor Sir Jon Cunliffe to Commons Treasury Committee chair Mel Stride published today is terrifying in its implications.

Over 11 pages Sir Jon lays out the chain of events that led from Kwasi Kwarteng’s mini-Budget on Friday 23 September to the meltdown in the gilts market last Wednesday.

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