Andrew Bailey is in danger of blunting the Bank of England’s crisis tools. The UK central bank governor on Tuesday vowed to end emergency bond-buying that has been propping up pension funds, even as investors increasingly assumed the scheme might get extended. His intervention will make any U-turn more damaging.
Bank of England Governor Andrew Bailey reiterated in a speech on Oct. 11 that the bank planned to its cease its emergency government bond purchases on Oct. 14. The comments came after the Financial Times reported that BoE officials had told bankers that the central bank could extend its purchases if market volatility flares up again.
“We have announced that we will be out by the end of this week. We think the rebalancing must be done,” Bailey said at an event organised by the Institute of International Finance. The BoE has signalled privately to lenders that it was prepared to extend its emergency bond-buying programme beyond Friday’s deadline if market conditions demanded it, the Financial Times said, citing three sources.
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