Ed Balls: Truss and Kwarteng's legacy is 're-establishment' of consensus

Speaking at Investment Week Summit

Liz Truss and Kwasi Kwarteng’s legacy has been the re-establishment of a cross-party consensus on central bank independence and fiscal rules, according to former shadow chancellor Ed Balls, who spoke at the Investment Week Summit last week (7 July).

Speaking on the recent "very destabilising economic and political environment", Balls said the turmoil in markets had left "the normal not feeling very normal at all". Balls strongly criticised former prime minister Truss and former chancellor Kwarteng, pointing to the duo's "doubting" of central bank independence and inflation targeting, as well as their decision to ignore fiscal rules and the Office for Budget Responsibility. UK sits as outlier on inflation as Sunak admits it is 'more persistent' than expected "The fundamental market reaction was a reaction to the rejecting o...