In the statement made by the BoE, it was reported that the bond sale, which has been continuing since 29 November 2022 and has a total volume of 19.3 billion pounds, with the aim of balancing the markets, has been terminated with the prestige today.
The bank announced that it would sell 80 billion pounds of bonds in October 2022 with the aim of reducing the tension experienced due to the steps planned by the government within the scope of budget regulations and reorganizing the markets.
The British pound hit an all-time low of 1.0350 against the dollar in October last year, after former Finance Minister Kwasi Kwarteng announced tax cuts that would increase the public debt burden.
Former Prime Minister Liz Truss, on the other hand, could not stand the public pressure after these developments and first dismissed Kwasi Kwarteng as the Minister of Finance and replaced her with Jeremy Hunt, and resigned from her position on October 20, 2022.
