BoE’s Pill says government must ‘respect’ independence
Government and central bank have clashed over causes of UK’s gilt market turmoil
The Bank of England’s Huw Pill has warned the government to respect the independence of the central bank and other economic institutions, as bond market volatility continued.
The BoE chief economist said the Conservative government’s fiscal plans – announced in a controversial ‘mini-budget’ on September 23 – had shifted the UK’s macroeconomic outlook. The government’s cap on energy bills means gas price rises now pose less of a short-term threat to household budgets and headline inflation, Pill
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