Andrew Bailey blasted as Malone erupts ‘Worst Bank of England boss’

Andrew Bailey is the 'worst Bank of England boss' says Malone

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Ms Malone joined the Jeremy Vine panel to discuss Andrew Bailey’s leadership of the Bank of England after sterling fell more than a cent against the dollar to its lowest rate since September 29. On Wednesday, the Governor warned the Bank’s emergency support package for the markets in the wake of Chancellor Kwasi Kwarteng’s mini-budget would end on Friday. 

Ms Malone told Jeremy Vine: “This bloke, Andrew Bailey, has to be the worst Bank of England boss we have ever had.

“He was speaking there at a US function, he was over in the States and if you’re going to announce something like that you don’t announce it in the United States to the world.

“You talk to the traders that you’re actually talking to, you don’t do this publicly you do this privately.

“He is the one that sent the pound into a tailspin again.

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“He’s the one that did not put interest rates at what he should have done to control inflation. The guy has been criticised so often in the past year, I think he makes Mark Carney look like a genius.”

The pound fell again on Wednesday after the Bank of England governor warned its emergency support package for the markets would end on Friday.

Earlier, the Bank intervened for the second time in as many days to prevent “fire sales” of pension fund assets, amid the continuing market turmoil in the wake of Chancellor Kwasi Kwarteng’s mini-budget.

But speaking later in Washington on Tuesday evening, governor Andrew Bailey warned there could be no further extension beyond the end of the week.

“My message to the (pension) funds involved – you’ve got three days left now. You have got to get this done.

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“Part of the essence of a financial stability intervention is that it is clearly temporary.”

But that message appeared to be contradicted on Wednesday by a report in the Financial Times, which cited people briefed on discussions with the Bank of England to report that officials there have signalled privately that the emergency bond-buying programme could indeed be extended.

Following Mr Bailey’s remarks, sterling fell more than a cent against the dollar to its lowest rate since September 29.

The pound was lower against both the dollar and euro on Wednesday morning amid continued unease among financial traders.

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Sterling fell by 0.85 percent to 1.099 against the dollar. It came after the pound rose as high as 1.1180 on Tuesday but slumped sharply after the Governor’s warning to pensions funds.

Meanwhile, the FTSE 100 is expected to start marginally lower when trading opens, according to experts at CMC Markets UK.

Earlier, the Pensions and Lifetime Savings Association, representing the industry, welcomed the Bank’s latest intervention but warned against ending it “too soon”.

In a statement, it suggested it should be extended at least until October 31 – when Mr Kwarteng is due to explain how he intends to get the public finances back on track following his £43 billion tax giveaway.

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