Biggest question for me from this...............>

BOE: Biggest question for me from this announcement...

The Bank of England has always said that it cares about the stock of QE. However

in the March decision it stated that it would carry out QE "as soon as is

operationally possible". This suggests that in March the BOE did care about the

flow effects of QE as well as the stock effects.

- Most analyst previews were pointing to GBP100bln of QE to continue to be

carried out at the same pace or close to the same pace in the previous package

until the end of July - believing that the Bank cared about the flow of

purchases with issuance at such high levels.

- Today's announcement that purchases will be carried out by the turn of the

year seems to be the Bank switching back to stock rather than flow as being the

most important factor. That doesn't seem to have been communicated clearly at

any point prior to this meeting.

- Does this mean that the Bank does care about flow but only in times of crisis?

And why did it not communicate this better prior to this meeting?