But the Truss attacks could actually restore Bailey’s image.
“If some idiot thinks badly of you, then that’s a good thing,” said Tony Yates, an economist and former BoE official.
Truss, Britain’s shortest-serving prime minister who was in office for just 49 days, called the Bank’s efforts to calm markets in September 2022 a “smear” and blamed Bailey and other members of “the ‘economic establishment’ for its downfall.
But no one seems to have paid any attention to it. It’s reminiscent of the market turmoil seen in September 2022, which transformed Bailey’s reputation from someone who couldn’t handle rising inflation to a person in the room unlike a government in trouble.
And the latest controversies still don’t hit the mark.
“We have absolute confidence in our independent Bank of England, the governor, I think they are doing an excellent job in very difficult circumstances,” Gareth Davies, Exchequer Secretary to the Treasury, told Bloomberg this week .
Politices
