Why is the Bank of England buying gilts?

Coffee House Shots

The Spectator

News, Daily News, Politics

4.4 • 2.2K Ratings

🗓️ 28 September 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Bank of England has today announced a major intervention into gilts to prevent a 'material risk' to financial stability as a result of government policy. How unprecedented is this move? Will Liz Truss and Kwasi Kwarteng break their silence? Are we heading for another leadership election?

Kate Andrews speaks with Fraser Nelson and James Forsyth.

Produced by Oscar Edmondson.

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Transcript

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0:00.0	This podcast is sponsored by DRAX.
0:02.8	As the UK's largest renewable electricity generator,
0:05.6	DRAX plays a critical role in UK energy security.
0:09.2	They have committed to invest 2.5 billion
0:11.8	in new green energy infrastructure,
0:13.8	creating jobs and growth across the country.
0:16.7	Find out more at DRAX.com.
0:22.9	Hello and welcome to CoffeeHouseShops,
0:24.9	the spectators' daily politics podcast.
0:27.1	I'm Kate Andrews and I'm joined by Fraser Nelson
0:29.3	and James Forsyth.
0:30.9	So these days, and I mean literally the past few days,
0:34.8	it seems that any market surprise could be around the corner
0:37.6	and not in a good way.
0:39.4	We had a big update this morning,
0:41.2	James from the Bank of England,
0:43.0	which announced a major intervention into GILTS.
0:46.8	Why don't you tell us about it?
0:48.1	So the Bank of England has intervened to buy GILTS
0:53.2	and it says it is done this prevent a material risk
0:56.2	to financial stability.
0:57.4	Now, this is a dramatic action by the bank.
	...

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