Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Independent UK
The Independent UK
National
Adam Forrest

Kwasi Kwarteng’s ‘original sin’ caused UK turmoil, says ex-Bank of England deputy

EPA

The radical economic plan put forward by Liz Truss and her chancellor Kwasi Kwarteng is the “original sin” to blame for ongoing market turmoil, said the Bank of England’s former deputy governor.

Sir Charlie Bean said the mini-Budget’s “unfunded tax cuts” had panicked the markets, as the Bank deliberates whether to continue its emergency support beyond Friday in a bid to protect pensions.

“We shouldn’t forget that this is the prime cause of it [market turmoil] – the original sin here was the mini-Budget a couple of weeks ago, and the looming prospect of unfunded tax cuts in the medium term,” he told BBC Radio 4’s Today programme.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.