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Faculty of Economics

Monday, 6 February, 2023

Charles Read,an affiliated lecturer for the economics faculty, has been quoted in an article about Liz Truss’ mini budget, saying he warned about the dangers of a policy that would quickly raise interest rates.

He says he spoke to civil servants about the risk of a fast rise in and sent a paper sent to the then chancellor, Kwasi Kwarteng, a fortnight before the mini-budget. He told the Guardian “If interest rates rise any faster than they were, Britain’s financial stability will be imperilled and there is likely to be another financial crisis stemming from systemic risks in the non-banking sector”.

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