What is a bond-buying scheme? Sky's pkelso explains the Bank of England's temporary bond-buying programme - launched to prevent what it calls 'material risk' to UK financial stability. Read more:
There are some very, very specific reasons why the Bank of England is intervening in this particular asset class in long-dated gilts - that's gilts of a 20 to 30 year duration.
It has been reported in The Times that actually these cash calls have been running into tens of billions of pounds since the beginning of the week because of this spike in long-dated gilt yields.It is aimed at seeing off a crisis that's potentially starting to emerge in pension funds. "Every major economy is dealing with exactly the same issues," he told Sky's economics editor Ed Conway.
The government's growth plan is only seen as adding inflationary pressure to the economy, leaving it at loggerheads with the Bank's mandate.
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