UK leadership candidate Sunak says scrapping BoE independence would be a massive mistake

Britain’s Conservative Party leadership candidate Rishi Sunak speaks during a hustings event, part of the Conservative party leadership campaign, in Cheltenham, Britain, August 11, 2022. REUTERS/Toby Melville

LONDON (Reuters) – Rishi Sunak, the underdog in the race to become Britain’s next prime minister, said scrapping the Bank of England’s independence would be a mistake that would scare off international investors.

Asked about comments from leadership front-runner Liz Truss’s team suggesting that the central bank’s rate-setting independence should be reviewed, Sunak said: “That would be a massive mistake for our country, and international investors would really not look very kindly on it at all.”

Sunak was speaking at an event for Conservative Party members who are voting over the next few weeks to decide the country’s next leader.

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