Farage’s Policies Would Crash the Pound, Ex-BOE Official Warns
- Martin Weale says plans would create another “Liz Truss event”
- Former rate setter correctly predicted 2022 budget disaster
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The tax and spending plans of Reform UK would crash the pound and drive up borrowing costs, according to a former Bank of England policy maker who predicted the disastrous fallout from Liz Truss’s mini-budget.
Martin Weale, who’s now professor of economics at King’s College London, said mortgage costs would soar if leader Nigel Farage wins the election on July 4 or succeeds in getting his plans adopted by the next government. He likened the impact to the market turmoil after Truss’s unfunded tax cuts in September 2022.