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MNI BRIEF: BOE Bailey - Could Suspend QT, Won't Disrupt Market

(MNI) London
(MNI) London

The Bank of England will set out its plans for gilt sales in August and could suspend sales if market conditions turn adverse, policymakers told the Treasury Select Committee on Monday.

The Monetary Policy Committee has said it will consider gilt sales now Bank Rate is at 1% and Governor Andrew Bailey told the TSC "We are not going to do it in disruptive market conditions ... We could suspend it if necessary."

Deputy Governor Dave Ramsden stressed that the aim was to keep the policy rate as the primary tool and that "quantitative tightening will be happening in the background." The Bank is currently consulting with markets on the scale and frequency of gilt sales.

MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEAPolicy StoryBank Of England (BOE) Market NewsBriefUKStoryRegion
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MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEAPolicy StoryBank Of England (BOE) Market NewsBriefUKStoryRegion
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