Former Bank of England chief Mark Carney attacks Liz Truss over Government’s ‘unfunded’ £45billion tax cuts

• Liz Truss has been criticised by Former Bank of England chiefs for mini-Budget
• Mark Carney said huge tax cuts were working at cross-purposes with the Bank’
• Baroness Shafik called the ‘bad economics and a lost opportunity’

Former Bank of England chiefs yesterday attacked Liz Truss’s ‘unfunded’ spending and tax cuts following days of market turmoil.

Mark Carney, who was the Bank’s governor between 2013 and 2020, said the Government had announced £45billion in tax cuts without any credible plan to get borrowing back on a sustainable footing.

Baroness Shafik, who served as his deputy between 2014 to 2017, used even tougher language to criticise the Prime Minister’s mini-Budget, writing in the Financial Times that it was ‘bad economics and a lost opportunity’.

Mr Carney said the plan was ‘working at cross-purposes with the Bank’.

Mark Carney, the former Bank of England governor said Liz Truss had spent and made tax cuts without any credible plan to get borrowing back on a sustainable footing

Baroness Shafik, who served as Deputy Governor of the Bank of England, called the mini-Budget ‘bad economics and a lost opportunity’

He told the BBC the ‘objective to improve the rate of growth in the country… is clearly the right one’.

But he said that it had left a ‘lag’ between now ‘and when that growth might come’.

Mr Carney added: ‘Markets actually want to know the numbers in a budget. It’s important to have it subject to independent and, dare I say, expert scrutiny.’

Supporters of the Government’s plan hit back. Tory MP Craig Mackinlay accused Mr Carney of making years of ‘worthless’ forecasts.

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