UK Chancellor of the Exchequer: Bank of England’s independence is sacred

UK Chancellor of the Exchequer: Bank of England’s independence is sacred

A general view of the Bank of England (BoE) building, the BoE has confirmed to raise interest rates to 1.75%, in London, UK, Aug. 4, 2022. REUTERS/Maja Smiejkowska/File Photo

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LONDON, Sept. 23 (Reuters) – Britain’s Chancellor of the Exchequer Kwasi Kwarteng said on Friday that the independence of the Bank of England was ‘sacred’.

“This government considers their independence sacred and we remain closely coordinated,” he told parliament.

On Thursday, after the BoE raised interest rates, Kwarteng issued a letter to Governor Andrew Bailey saying he expected the bank to take necessary steps to contain inflation, but that Bailey had his full support. read more

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Reporting by David Milliken and William James; Editing by Kate Holton

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