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BoE's Bailey rebuffs talk of less central bank independence in UK

Saturday, August 6, 2022
BoE's Bailey rebuffs talk of less central bank independence in UK © Reuters. FILE PHOTO: Governor of the Bank of England, Andrew Bailey, reacts during the Bank of England's financial stability report news conference, at the Bank of England, London August 4, 2022. Yui Mok/Pool via REUTERS

By William Schomberg and William James

LONDON (Reuters) -Bank of England Governor Andrew Bailey pushed back at suggestions by the front-runner to become Britain's next prime minister Liz Truss and her supporters that the government should have a bigger role in how the central bank operates.

With inflation on course to surpass 13% later this year - its highest since 1980 - Truss has said she wants to set "a clear direction of travel" for monetary policy and has promised a review of the BoE's remit.

An ally of Truss, Attorney General Suella Braverman, has gone as far as saying that the review would question the BoE's exclusive powers to set interest rates.

Bailey responded by saying it was "critically important" that central banks maintained their independence, something the BoE had "strong views" about.

"I actually don't think from what I see that...there is a large desire in this country to question central bank independence," he told BBC radio in an interview broadcast on Friday, a day after the BoE raised interest rates by the most since 1995 and forecast a long recession.

"But I'm very happy to discuss with the new government, you know, the details and the nature of the regime that's in place."

The BoE was given operational independence on monetary policy in 1997, since when it has been tasked with meeting an inflation target - currently 2% - that is set by the government.

Truss has said it is time to review that mandate and she has also suggested a return to targeting money supply might be a way to control inflation.

With Britain set to be hit harder than in other major economies, where soaring energy prices hit consumers and businesses less directly, Bailey has faced tough criticism of the BoE by Truss and her supporters for raising rates too late.

He told the BBC he would challenge those criticisms: "There are some points that yes, I will say 'I'm sorry, I don't agree with that point.'"

Bailey also said he intended to see out his full term as governor, which is due to end in 2028.

"I made a commitment. Its an eight-year term and that's the part of the fabric of the independence of the Bank of England that doesn't change with changes of government, changes in views," he said.

Earlier on Friday, business minister Kwasi Kwarteng, who is backing Truss, made fresh criticisms of the BoE.

"If your target is 2% and you're predicting 13%, something's gone wrong. And you've got to look at how the bank is organised and what the what the targets are," he told Sky News.

Asked whether the BoE would keep its independence in a Truss-led government, Kwarteng said: "It's absolutely going to keep its independence."

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15-08-2022 03:53:29 (UTC+7)

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 EUR/USD1.0261↑ Buy
 GBP/USD1.2132↑ Sell
 USD/JPY133.46↑ Sell
 AUD/USD0.7114↑ Sell
 USD/CAD1.2770↑ Sell
 EUR/JPY136.93Sell
 EUR/CHF0.9659Neutral
 Gold1,818.40↑ Buy
 Silver20.835↑ Buy
 Copper3.6783↑ Buy
 Crude Oil WTI91.88↑ Buy
 Brent Oil98.01Buy
 Natural Gas8.780↑ Buy
 US Coffee C227.53↑ Buy
 Euro Stoxx 503,776.81Sell
 S&P 5004,280.15↑ Buy
 DAX13,795.85Neutral
 FTSE 1007,500.89Neutral
 Hang Seng20,175.62↑ Buy
 Small Cap 20002,013.09↑ Buy
 IBEX 358,400.40↑ Sell
 BASF44.155↑ Buy
 Bayer54.15↑ Buy
 Allianz181.08↑ Sell
 Adidas173.20↑ Buy
 Lufthansa6.588↑ Sell
 Siemens AG111.84↑ Sell
 Deutsche Bank AG9.061↑ Buy
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# So hôm qua # Chênh TG
SJC Eximbank6,620/ 6,720
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SJC HCM6,660/ 6,760
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
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GBP27.761,8728.945,83
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Cập nhật lúc 18:54:11 14/08/2022
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