News analysis: Why Kwarteng couldn’t survive his battle with the Bank of England
Jeremy Hunt was appointed U.K. chancellor of the exchequer on Friday after Kwasi Kwarteng was sacked in response to the market’s rebellion over his tax-cutting budget.
Simply put, in the fight between monetary and fiscal policy, Threadneedle Street has taken out Downing Street. Once Bailey stood his ground, Kwarteng was toast. Indeed, Kwarteng’s proposals were seen juicing up spending just as the BoE was trying to damp demand in its efforts to push inflation back to the 2% target. The market recognized this dichotomy and rebelled, realizing that it faced more debt sales and even tighter monetary policy.
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