As Britain's central bank boss, tasked with managing inflation and setting interest rates, Andrew Bailey likes targets. Now he is one.
Markets are dumping U.K. assets amid chaotic policymaking from Liz Truss' new government — but Bailey's rocky stewardship of the Bank of England is getting a growing share of the blame. His harshest critics include some of Truss' most senior Conservative Party colleagues.
At stake are home loans for 2 million households coming due for renewal amid cripplingly high interest rates in the next two years and the viability of pension funds managing more than £1 trillion worth of assets. Failure to quell a "fire sale" of U.K. bonds and currency risks a financial meltdown that could spread far beyond British shores.
The current bond market pressure began after U.K. Chancellor Kwasi Kwarteng announced a vast package of...
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