The times are seriously out of joint. That much is clear from the recent turmoil in the market for UK government bonds and the gyrations of sterling.
These febrile events followed Chancellor Kwasi Kwarteng’s shock “mini” Budget with its uncosted approach to the public finances, along with the Bank of England’s minuscule 0.5 per cent increase in the base rate to 2.25 per cent in the face of looming double-figure inflation.
Despite the ballooning increase in consumer prices, the Bank has now retreated from its proposed quantitative tightening back to quantitative easing.
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