Mark Carney: Government is 'undercutting' economic institutions

Former governor of the Bank of England

Mark Carney, former governor of the Bank of England, has accused the government of “undercutting” the UK’s economic institutions.

Following the central bank's announcement yesterday that it would make purchases of up to £65bn long-dated gilts to prevent "a material risk to UK financial stability", Carney attacked the government for its Mini Budget. On BBC Breakfast this morning, Carney said: "The message from financial markets is there is a limit to unfunded spending and unfunded tax cuts in this environment, and the price of those is much higher borrowing costs for the government and mortgage holders. "At some point, those higher costs of borrowing for everyone undoes the positive impact of any tax reductions o...