The potential successor to Boris Johnson wants to reevaluate the role of the Bank of England. And some are concerned

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Last Updated on August 31, 2022 by Bitfinsider

The likely next prime minister of the United Kingdom intends to examine the Bank of England’s charter, which worries activists and think tanks.

Liz Truss, the current front-runner for the leadership of the Conservative Party and the position of British prime minister, has said she could think about limiting the independence of the central bank’s interest rate decision-making.

On August 3, during a political rally in Cardiff, Truss made his initial suggestion about a potential change to the Bank’s mandate.

Investors may experience issues if Truss does indeed become prime minister because it is unclear what the central bank may face, according to Scott Corfe, research director at the Social Market Foundation, a cross-party think tank with offices in Westminster.

Fran Boait, executive director of Positive Money, a think organization located in the UK that advocates for fundamental change in the financial sector, reiterated this opinion. On August 25, Boait stated on CNBC’s “Street Signs Europe” that Truss should “set out a bit more what she’s seeking to achieve” in a potential mandate revision.

Her “radical strategy would challenge the failed economic dogma and give critical growth to the UK economy,” according to Truss’ campaign team, which spoke to CNBC.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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