‘Shouting on the phone’: BoE officials shed light on gilt market intervention

Crisis sparked by UK government’s plans needed unprecedented action, officials tell parliament

Andrew Hauser, Jon Cunliffe and Sarah Breeden appear at the Treasury Committee
From left: Andrew Hauser, Jon Cunliffe and Sarah Breeden appear at the Treasury Committee
UK parliament

The Bank of England faced parts of UK financial markets getting “completely out of control” during the recent bond market selloff, one of its senior officials said this week.

At a parliamentary committee hearing, BoE officials revealed new details of the central bank’s extraordinary intervention in markets. Officials highlighted the challenge of designing a limited intervention that would restore stability without hampering monetary policy, all within a very short timeframe.

“This is a

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