During the Treasury Select Committee, Chair Mel Stride quizzed Jon Cunliffe of the Bank of England as to whether they were formally notified about the mini budget prior to its execution.
Cunliffe confirmed that the bank were aware of a fiscal event, but they were not fully briefed and that elements were “a surprise on the day”, meaning they were unable to offer their advice.
“Had they asked us what would the market reaction be, of course we would’ve reacted with them. But it’s not our job to advise on fiscal policy”.
