0:00
So Nigel Farage and Richard Ty met
0:03
Andrew Bailey this morning. What did
0:05
Yeah, so they met this morning to speak
0:07
about a lot of things. Principally the
0:09
reduction of the Bank of England's
0:11
balance sheet through its bond sales
0:12
program. It bought a lot of bonds from
0:15
the government um during period of
0:18
crisis around the pandemic but
0:20
especially after the financial crash and
0:22
now the the bank unwinds that activity.
0:24
It's sort of made losses for the
0:26
Treasury selling bonds at a lower price.
0:28
very complex but reform have argued that
0:32
um taxpayers are incur incurring costs
0:35
from this program and they're asking the
0:37
bank to stop doing the program all
0:39
together or at least slow it down. The
0:41
bank is going to slow it down next year.
0:44
Um they also talk about stable coins,
0:46
you know, those crypto assets that are
0:48
championed by Donald Trump. The Bank of
0:51
England Governor Andrew Bailey has been
0:52
slightly skeptical. He's warned banks
0:55
against issuing stable coins. But Nigel
0:58
Farage and Richard Ty see it as a sort
1:00
of potential for innovation and growing
1:03
the UK economy and championing the city.
1:05
And what does it tell us that the Bank
1:07
of England's governor is meeting with
1:09
reforms leader and deputy leader? Well,
1:11
in times of economic crisis and
1:15
um, you know, everyone starts
1:16
questioning all the kinds of economic
1:19
frameworks that exist and Richard Ty and
1:22
Nigel Farage have put put lots of
1:25
questions on um on the bank of England
1:28
around how it does monetary policy. So
1:30
Richard Ty has endorsed actually adding
1:33
a Treasury official onto the monetary
1:37
policy committee which has been
1:38
independent for um more than 20 years
1:41
now um nearly 30. And um you know this
1:45
is actually a thing that's um supported
1:48
by some Labour members but you know
1:50
we're also seeing questions raised about
1:52
the office for budget responsibility the
1:54
fiscal watch watchdog um about bond
1:57
markets as well talking about why labor
2:01
party members and officials shouldn't
2:03
sort of be ad hoc to the bond markets.
2:06
Um, so there's all these sort of
2:09
pressures facing Rachel Reeves at the
2:11
this year's autumn budget, but the
2:14
pressures are going way beyond um just
2:16
the ministers, but actually how economic
2:20
policy is conducted as a whole across
