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BoE’s Mann: bond purchases for stability were targeted and temporary

BoE's Mann: bond purchases for stability were targeted and temporary
© Reuters. FILE PHOTO: A general view of the Bank of England (BoE) building in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska

LONDON (Reuters) – Bank of England policymaker Catherine Mann said on Saturday that bond purchases by the central bank in the days after the government’s “mini-budget” fiscal plan last month to calm financial markets were “very targeted and temporary.”

“The financial stability approach, the requirements for financial stability was very targeted, and temporary,” Mann said during an event organised by the Marshall Society at Cambridge University.

The BoE announced it would intervene in Britain’s government bond market on Sept. 28 after prices slumped following the announcement of planned tax cuts by former finance minister Kwasi Kwarteng. Its purchase programme ended on Oct. 14.

Source: Investing.com

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