Foreign secretary Liz Truss, frontrunner in the race to become the next British prime minister, said she would look to change the Bank of England’s mandate to ensure it controlled inflation.
Speaking at a hustings of Conservative party members in Cardiff on Wednesday, she argued that inflation had been caused by “huge” supply side shocks after the pandemic and the Ukraine war and said she wanted to review the mandate of the central bank, which has a target of maintaining 2 per cent inflation.
The central bank is widely expected to raise interest rates on Thursday, possibly by a half percentage point, amid surging prices. In June, consumer price inflation in the UK stood at a 40-year high of 9.4 per cent.
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