"Truss calls for probe into Bank of England as bond crash ‘not my government’s fault’"
Telegraph: 24th August 2024: Telegraph reports on new findings showing that unelected body outside the control of the government was largely to blame for Autumn 2022 financial crisis.
"Liz Truss has called for an investigation into the Bank of England (BoE) after a report by its own analysts found that the majority of the bond market crash under her short tenure was caused by dangerous practices in the pensions industry.
The former prime minister said the report meant “the Bank of England itself acknowledge[d] the yield spike was not my government’s fault”.
A working paper, written by five members of Bank staff and published in May, studied risks which built up in the long period of very low interest rates following the financial crisis, as funds hedged against the threats to their solvency...
...This occurred “well in advance of the onset of the crisis and before the election of Liz Truss as prime minister”, according to the report."...
Ms Truss said it showed questions needed to be asked at the BoE.
“While my political opponents continue to parrot lazy, meaningless and false narratives about crashing the economy, virtually no one is asking the pertinent questions of the Bank of England about the impact of its decisions and regulatory failures,” she said."