The Bank of England’s chief economist compared last year’s UK market crisis caused by former Prime Minister Liz Truss to being by a river of crocodiles. Huw Pill said the turmoil “was not a comfortable experience” for the central bank after Truss’s unorthodox plan for unfunded tax cuts spooked investors and forced the BOE to intervene in markets. “That episode felt like we were by a river with lots of crocodiles in, and we were dipping our toe into the river,” Pill said on a panel in South Africa. The remark was a vivid critique of the episode that triggered a plunge in the value of the pound and UK government bonds, ... (full story)