During the Conservative leadership race, Liz Truss, now the new prime minister, had said the government should set a 'clear direction of travel' for monetary policy
New chancellor Kwasi Kwarteng has told the Bank of England governor he wants to reaffirm the bank's independence.told Andrew Bailey:"Independence is really a cornerstone of how we see managing the economy."
The words seemed aimed at showing investors that the new government under prime minister Liz Truss will not put pressure on the central bank. During the Conservative leadership race, Ms Truss said the government should set a"clear direction of travel" for monetary policy, although she later appeared to step back from this stance.
Mr Kwarteng also said on Wednesday that he and Mr Bailey will meet regularly - initially twice a week - to coordinate as they try to pull the UK out of its economic hole. Speaking to the Treasury Select Committee of MPs ahead of his meeting with the chancellor, Mr Bailey said the"I think it is a good thing to review the remit from time to time, other central banks do that," he said, adding:"It's obviously for the government to choose whether to do a review."
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