Central Bank Chief: UK Economy Was Hours Away From Meltdown over Truss’ Decisions

By Staff, Agencies

Andrew Bailey, the governor of the Bank of England, said on Thursday that the UK economy was potentially hours away from a total meltdown due to decisions made by ex-UK Prime Minister Liz Truss.

"I think, at the point when we intervened, I can tell you that the messages we were getting from the markets were that it was hours," Bailey said in an interview with the Channel 4 broadcaster when asked how much time was left before a potential total meltdown in the country's economy.

Truss, elected in September to replace former UK Prime Boris Johnson, spent only 45 days in office. On October 20, she announced her resignation due to mounting criticism over the government's new economic plan and the possibility of increasing public debt for its implementation. On October 25, UK King Charles III appointed Rishi Sunak as the new prime minister.