The U.K. government and Bank of England are at loggerheads with barely more than 24 hours until the central bank is set to end the bond-buying program it launched to calm investors rattled by Prime Minister Liz Truss’s unfunded tax cut plan.
In a sign the government intends to make BOE Governor Andrew Bailey a scapegoat, Chancellor of the Exchequer Kwasi Kwarteng said late Wednesday from Washington that any fresh turmoil in markets would be “a matter for the governor.”
Both the prime minister and chancellor are already facing calls from fellow Conservative lawmakers to abandon the tax cuts and reductions in public spending amid the market rout and as the party trails in the opinion polls. But one former Cabinet minister said a U-turn on tax is now inevitable, and predicted it would be announced by Kwarteng when he makes his fiscal statement at the end of the month.
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