Bank of England Governor Bailey: hours to financial Armageddon because of Truss’ decisions
There were hours to “financial Armageddon” in Britain after the decisions made by the previous Prime Minister Liz Truss. This was said by the head of the Bank of England Andrew Bailey on air of Channel 4.
He said the United Kingdom had reached a point of instability in major markets, particularly the most key one, the government bond market, as well as the pension fund.
“So we had to intervene quickly, and we had to do it decisively,” the governor added, referring to the active buying of government bonds.
“The moment we intervened, I can tell you that we were getting reports from the market that it was about hours,” Bailey said, stressing that there was a real threat to the country’s financial stability at that point.
294 total views, 2 views today
