Liz Truss’s thoughts about how to manage the Bank of England are adding to a mounting list of threats to the value of the pound and UK government bonds. The foreign secretary, who is leading in the race to replace Boris Johnson as prime minister, has stepped up calls for a review the central bank’s remit and potentially a new money supply target. While the remarks have been vague, analysts and investors are giving more thought to a risk that’s not yet priced into the market.
Margaret Thatcher’s government in the 1980s tried tracking money supply — the value of notes and coins in circulation plus bank deposits — to tackle double-digit inflation. That both presented problems in measuring money supply and failed to manage the economy. One concern about shifting back to a money supply target now is that Truss may be suggesting it as a way to loosen monetary policy and let the economy run hotter.
Source: News Formal (newsformal.com)
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