UK finance minister: Bank of England independence is sacrosanct

© Reuters. FILE PHOTO: A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File Photo

LONDON (Reuters) – British finance minister Kwasi Kwarteng on Friday said the Bank of England’s independence was ‘sacrosanct’.

“This government considers their independence to be sacrosanct, and we remain closely coordinated,” he told parliament.

On Thursday after the BoE raised interest rates, Kwarteng published a letter to Governor Andrew Bailey saying he expected the bank to take the forceful action necessary to contain inflation, but that Bailey had his full support.