Deputy governor Sir Jon Cunliffe says Bank did not have usual briefing the night before mini-budget
Bank of England officials were excluded from discussions ahead of the mini-budget last month that triggered a “full-scale liquidation event” for pension funds, MPs heard on Wednesday.
Deputy governor Sir Jon Cunliffe, who said the central bank was forced into battle to save the £1.5tn pensions industry from insolvency, also warned ministers against grabbing fresh powers to meddle in the decisions of regulators or risk a further deterioration in the UK’s international reputation.
Deputy governor Sir Jon Cunliffe says Bank did not have usual briefing the night before mini-budgetBank of England officials were excluded from discussions ahead of the mini-budget last month that triggered a “full-scale liquidation event” for pension funds, MPs heard on Wednesday.Deputy governor Sir Jon Cunliffe, who said the central bank was forced into battle to save the £1.5tn pensions industry from insolvency, also warned ministers against grabbing fresh powers to meddle in the decisions of regulators or risk a further deterioration in the UK’s international reputation. Continue reading…