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City of London

Truss Supports Giving UK Ministers Power to Overrule Regulators

  • Joins Conservative rival Sunak in backing ‘call in’ mechanism
  • Some fear the power would undermine independence of watchdogs
Liz Truss speaks for Conservative Party members in Darlington, UK, on Aug. 9.

Liz Truss speaks for Conservative Party members in Darlington, UK, on Aug. 9.

Photographer: Joanne Coates/Bloomberg

Liz Truss is likely to give ministers the power to overturn some financial regulators’ decisions if she becomes UK prime minister, a potential move that could set up fresh tensions with the Bank of England. 

Allies of Truss say she favors “call-in” powers to allow the government to block or change the actions of financial regulators, including the central bank’s Prudential Regulatory Authority and the Financial Conduct Authority.