BOE’s Chief Economist Likens Truss Crisis to River of Crocodiles
- Pill said Truss episode put into question UK’s institutions
- He also said the BOE needs to be ‘wary’ of labor market
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The Bank of England’s chief economist compared last year’s UK market crisis caused by former Prime Minister Liz Truss to being by a river of crocodiles.
Huw Pill said the turmoil “was not a comfortable experience” for the central bank after Truss’s unorthodox plan for unfunded tax cuts spooked investors and forced the BOE to intervene in markets.