The Bank of England is expected to sharply slow the pace at which it is shrinking its balance sheet, with some investors calling for a “shock and awe” suspension of all active bond sales in an attempt to relieve pressure on the market for UK government debt.
The Monetary Policy Committee will announce on Thursday, alongside its latest interest rate decision, whether it is dialling back the pace at which it is cutting its gilt holdings as part of its quantitative tightening programme.
The BoE has been reducing its holdings by £100bn a year, through a combination of active sales and permitting bonds to mature, to £558bn at present. Gilt investors expect the rate to slow to about £72bn a year, according to a recent official survey.
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