City Of London
Bank of England Battle Brews As Tory Criticism Grows
Conservative party leadership candidates ramp up the attack on the bank's independence. Is Governor Andrew Bailey up for the fight?
Andrew Bailey
Photographer: Jason Alden/BloombergThis article is for subscribers only.
A fresh row over the Bank of England’s independence is brewing. In the last week, the UK government published its Financial Services and Markets Bill, which revealed plans to give itself the power to order reviews of financial services regulation, potentially behind closed doors. In a debate between candidates aiming to become Britain's next prime minister, Liz Truss insulted the Bank of England’s inflation-fighting record and named the Bank of Japan as a model to follow. Other MPs have questioned the central bank’s role and mandate.