In September 2022, the incoming leadership of the UK government presented a new economic vision, billed initially as a mini Budget but in fact representing a radical overhaul of economic policy. The investor response to sell UK government debt was sharp, and soon spiralled as hidden vulnerabilities in financial markets were uncovered, ultimately posing a threat to the country's financial stability and making headlines around the world. In its role to protect stability, the Bank of England intervened in markets to stem the crisis. But what makes for a good intervention in such a situation, and how do central banks think about the trade offs involved - such as protecting public money, or minimising moral hazard? How can they manage their responsibility to be politically neutral? One year on from the event, Tom Horn will offer his perspective from the inside, as co-head of the Bank of England's sterling market operations, and reflect on some of the lessons learned from a crisis that proved anything but "mini".
MPP Forum is a weekly event normally scheduled with lunch* on Fridays during the academic year. It allows each MPP student to showcase their career journey and expertise on policy issue of their choice with the SPIA community. This formal presentation is about 50 minutes followed by Q&A.
*RSVP required. Lunch will be served at noon. We will try our best but cannot guarantee accommodation for all dietary restrictions.