Andrew Bailey dismissed claims that he was the man who brought ‘the Government down’ after markets reacted badly to the Budget
He was speaking as the Bank successfully sold off £346m worth of bonds, also known as gilts, it bought in the emergency intervention in the aftermath of the financial crisis theThe Governor revealed that the lack of communication from the Treasury ahead of September’s mini-Budget made it an “extraordinary” and “abnormal” process. He said he did not think Treasury officials were clear what would be contained in the “fiscal statement”, even the day before it happened.
“In normal circumstances, we have channels of communication. It wasn’t happening in this case,” he said.
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