Bank of England announcement<\/a>:<\/p>\n![\"\"](\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2022\/09\/Screenshot-2022-09-28-at-11.27.16-550x700.png\")
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This policy is backed by the Treasury. It is the most staggering admission of failure by a new government of the UK, probably ever, coming as it does three weeks after it assumed power.<\/p>\n
I suspect the interventions will be for much longer than the BoE suggests.<\/p>\n
I also suspect, very strongly, that quantitative tightening (the Bank selling bonds) that is now scheduled for November now will not happen: they can't buy bonds one month and sell them the next without adding to market confusion, although as yet they (as incoherently as Kwarteng in this regard) do not seem to have appreciated that.<\/p>\n
This is a staggering shift in policy in such a short period of time. But as I said this morning, only government money creation can solve this problem now. I just think that the Bank has not realised how much is required.<\/p>\n","protected":false},"excerpt":{"rendered":"
I have just posted these tweets: They are a response to this Bank of England announcement: This policy is backed by the Treasury. It is
Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96,35,106],"tags":[],"class_list":["post-64900","post","type-post","status-publish","format-standard","hentry","category-conservatives","category-economics","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/64900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=64900"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/64900\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=64900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=64900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=64900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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