Bloomberg Tax
Sept. 29, 2022, 7:26 AM

Carney Says Truss Government Is Undercutting UK Institutions

David Goodman
David Goodman
Bloomberg News

Former Bank of England Governor Mark Carney accused Liz Truss’s government of “undercutting” the nation’s economic institutions, and said that her fiscal plans were to blame for the drop in the pound and bonds.

His comments are the latest in a string of international criticism and warnings about the government’s fiscal plans, including from the International Monetary Fund and ratings firm Moody’s.

“The message of financial markets is that there is a limit to unfunded spending and unfunded tax cuts in this environment,” Carney told BBC Radio. “And the price of those is much higher borrowing costs for the ...