Truss Targets Bank of England Act in Bid to Break UK's 'Doom Loop'

Former UK Prime Minister Liz Truss is calling for the scrapping of the Bank of England Act, accusing the institution of being too powerful and 'unaccountable and unsackable'. She claims that the act has led to a 'doom loop' of rising taxes, failing businesses, and wealthy individuals leaving the country.

In an interview with LBC's Nick Ferrari at Breakfast, Truss said that the upcoming Budget will continue this cycle, with further tax rises expected. She argued that the government is unable to break this cycle due to the Bank of England's influence.

Truss also defended her September 2022 mini-Budget, rejecting claims that it damaged the economy. She claimed that the Bank of England had 'deliberately' made government borrowing more expensive during her time in power and that its stance aligns with that of the current PM.