He argued the BoE had \u201cfailed\u201d under Conservative Liz Truss, who was forced out as prime minister after bond yields spiked in the wake of a tax-cutting budget, leading banks to increase their lending rates. Tice accused City regulators of \u201cmissing\u201d the issue of liability-driven investments (LDIs), which increased the strain on pension funds during that period, and said the Bank of England \u201ccould have actually stepped in and prevented the carnage.\u201d\u00a0<\/p>\n
Truss has repeatedly blamed<\/a> the Bank of England for failing to anticipate the market consequences of her budget. The central bank intervened after her mini-budget to calm the markets by implementing an emergency bond buying scheme.\u00a0<\/p>\n Wider reform<\/p>\n Reform leader Farage, who is set to give a speech in the City Monday on his broader vision for the economy, has gone further, saying Bailey has \u201chad a good run\u201d and he \u201cmight find someone new\u201d if the party wins the next election.\u00a0<\/p>\n Bailey\u2019s term is due to end in 2028, before the election. Tice did not rule out the prospect of a Reform government forcing out an underperforming central bank governor in future, saying: \u201cAt the end of the day, any public official has to be accountable for their performance.\u201d\u00a0<\/p>\n However, he declined to liken Reform\u2019s stance to Donald Trump\u2019s approach to the Federal Reserve, after the U.S. president repeatedly attempted to get rid of chair Jerome Powell.\u00a0<\/p>\n Reform UK is currently ahead<\/a> in the polls, as Britain\u2019s Labour government continues to struggle with its messaging on the economy, immigration and frustration within<\/a> Prime Minister Keir Starmer\u2019s top ranks.<\/p>\n","protected":false},"excerpt":{"rendered":"He argued the BoE had \u201cfailed\u201d under Conservative Liz Truss, who was forced out as prime minister after…\n","protected":false},"author":2,"featured_media":242561,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[41129,894,456,458,4621,459,141,461,1346,59,57,58,2923,8962,2795,1431,814,6268,420,466,467,9131,50,633,4178,306,46247,470,1352,474,56,54,158,55],"class_list":["post-242560","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-kingdom","tag-andrew-bailey","tag-banks","tag-bonds","tag-budget","tag-central-banks","tag-crisis","tag-donald-trump","tag-elections","tag-financial-services","tag-gb","tag-great-britain","tag-greatbritain","tag-growth","tag-hedge-funds","tag-immigration","tag-inflation","tag-interest-rates","tag-jerome-powell","tag-keir-starmer","tag-liz-truss","tag-markets","tag-monetary-policy","tag-news","tag-nigel-farage","tag-pensions","tag-regulation","tag-richard-tice","tag-rights","tag-services","tag-tax","tag-uk","tag-united-kingdom","tag-united-states","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/242560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=242560"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/242560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/242561"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=242560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=242560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=242560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}