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Truss Says It’s Bank of England’s Job to Control Inflation


Liz Truss, the overwhelming favourite to become the next UK prime minister, said it’s the Bank of England’s job to control inflation.

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(Bloomberg) —

Liz Truss, the overwhelming favourite to become the next UK prime minister, said it’s the Bank of England’s job to control inflation.

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“It is the job of the Bank of England to bring inflation down. We need to do all we can to help people in the meantime,” she told the BBC’s Sunday With Laura Kuenssberg show.

She refused to comment on whether she would support sharp interest rates hikes, saying that she is “a great believer” in the independence of the central bank. The foreign secretary is the front-runner to replace Boris Johnson, and Conservative Party members are expected to name her as their leader on Monday. 

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Earlier in the weeks-long leadership contest with Rishi Sunak, Truss had indicated she will review the central bank’s mandate.

Electricity blackouts cannot be ruled out this winter in the UK given the gravity of the energy supply crunch, Sunak told the BBC on Sunday.

He said that both energy rationing and planned cuts to electricity supply are options that he would consider if he were to win the vote. If he loses, he said he’ll stay on as a member of parliament.

Soaring electricity and gas prices, an energy supply crunch and a cost of living crisis are the main immediate challenges facing the new leader.

Truss said that she would make an announcement within a week on the issue of energy bill support and long-term supply, though she didn’t elaborate on what it would be.

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“I understand that people are struggling and businesses are concerned,” she said, also to the BBC. “I will act, if elected.”

Truss said that she is also focused on improving energy supply and would look at developing renewables further, see how supply from North Sea oil fields can be improved and explore fracking where it can be done. She added that she is also open to more offshore wind projects.

While she said she was supportive of hitting “net zero” emissions targets, the UK’s priority has to be energy security.

Scottish First Minister Nicola Sturgeon told Sky News if Truss governs like she campaigned, appealing to a small group of Tory voting members, it will be a “disaster” for the UK.

(Updates with comments on energy assistance from fifth paragraph.)



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