The Bank of England has completed its sales of the £19.3bn of UK government bonds it bought last autumn to stabilise the markets, after the disastrous mini-budget.
The Bank says it bought £19.3bn of gilts under the programme, launched after the surge in UK borrowing costs created a crisis for pension funds. It had offered to buy up to £65bn to bring stability back to the bond market.
Today, it says it has now fully sold that £19.3bn portfolio of temporary gilt holdings, through a series of market operations since November 29, and through “the subsequent bilateral sale of small remaining holdings” after a sale yesterday.
The Bank says its Financial Policy Committee has welcomed the “timely but orderly unwind of this portfolio”.