Britain’s truss promises Bank of England “independence” and action on energy prices

Secretary of State Liz Truss is a “strong supporter” of the Bank of England’s independence and its responsibility to set inflationary policy, she said on Sunday.

Russ, the favorite to be named leader of the ruling Conservative Party and Britain’s next Prime Minister on Monday, had raised concerns in a leadership contest to replace Boris Johnson by promising to review the Bank of England’s mandate.

“I firmly believe in the independence of the Bank of England,” she said Sunday with Laura Kuenssberg Show on the BBC.

“We have to allow the Bank of England to do that job,” she said when asked if it was the Prime Minister’s job to tame rising inflation.

Speaking in the Sunday Telegraph newspaper on the eve of the announcement of who will replace Prime Minister Boris Johnson, Truss reiterated her pledge to tackle the UK economy, which is struggling with double-digit inflation and poised for recession, boldly.

Truss said she understands “how challenging the cost of living crisis is for everyone,” and wrote that she will be “taking decisive action to ensure families and businesses can get through this winter and next.”

“If elected, I plan within the first week of my new administration to finalize our immediate actions on energy bills and energy supplies,” she wrote.

“A tax event by my Chancellor would follow later this month with a broader package of action for the economy.”

She said her approach is twofold – immediate action to deal with the cost-of-living crisis and a plan to deliver economic growth. She would also appoint a council of economic advisers to collect “the best ideas” for boosting the economy.

“We have to make the tough decisions to make sure we’re not in that position every fall and winter. Sticking plasters on and kicking the can out onto the street isn’t enough. I am ready to make the tough decisions to rebuild our economy,” she wrote.

Truss is widely expected to be named the new leader of the ruling Conservative Party on Monday, becoming Britain’s new prime minister and beating her rival, former finance minister Rishi Sunak. Johnson was forced to resign by his own party after a series of scandals.

https://www.independent.ie/business/world/uks-truss-promises-bank-of-england-independence-and-action-on-energy-prices-41960114.html Britain’s truss promises Bank of England “independence” and action on energy prices

Fry Electronics Team

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