Holding borrowing rates and continuing bond sell-offs were widely expected but an alternative was available
“Gradual” and “predictable” are the watchwords at the Bank of England. But for Rachel Reeves, preparing for a tough autumn budget, a more activist approach from Threadneedle Street could have helped.
The central bank had two pieces of bad news for the chancellor on Thursday: borrowing costs would be held unchanged at the current elevated level, while the Bank would proceed with a plan to sell billions of pounds in UK government bonds.
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