The former governor of the Bank of England Mark Carney has accused Liz Truss’s government of “undercutting” the country’s economic institutions and working at “cross purposes” with Threadneedle Street.
Carney’s comments come after the Bank was forced to step in with a £65bn emergency bond-buying programme on Wednesday as part of efforts to quell a market meltdown, which risked draining pension funds of cash and leaving them at risk of insolvency.
Sweeping tax cuts announced by the chancellor, Kwasi Kwarteng, last week have triggered investor panic over the future health of the UK economy, prompting a sharp fall in the value of the pound and driving government borrowing costs higher.
