BoE Governor Defends Pandemic QE, Says Mini-Budget Damaged UK’s Reputation

Screenshot from Parliament TV of Governor of the Bank of England Andrew Bailey speaking to the Treasury Select Committee on the bank's Monetary Policy Reports, at the Houses of Parliament, London, on Nov. 16, 2022. Screenshot/House of Commons via PA Media

The Bank of England’s (BoE) quantitative easing (QE) during the COVID-19 pandemic did contribute to soaring inflation in the UK, but the impact was hard to predict at the time, the central bank’s Governor Andrew Bailey said on Wednesday.

Bailey also said former Prime Minister Liz Truss and her Chancellor Kwasi Kwarteng’s so-called mini-budget has damaged the UK’s reputation.