Andrew Bailey claims that the “extraordinary” mini-budget caught the Bank of England off guard.

Given the ambiguity surrounding the policies promoted by Liz Truss and Kwasi Kwarteng, the governor of the Bank of England described the mini-budget as a “very remarkable process.”

According to Andrew Bailey, not even Treasury staff were aware of what was occurring during the chaotic 44 days of Liz Truss’s premiership. In his opinion, Treasury officials were unclear about what would be included.