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Former BOE Official Says Bond Buying Overdone During Pandemic

  • Gertjan Vlieghe says BOE went ahead without market feedback
  • Contrasts pandemic response to recent support for bond market
The Bank of England

The Bank of England

Photographer: Hollie Adams/Bloomberg

A former Bank of England policymaker said the central bank overdid quantitative easing during the pandemic, without properly assessing whether it was needed. 

Gertjan Vlieghe made a critical contrast between the £450 billion ($545 billion) program launched in response to the Covid crisis and the recent BOE intervention to calm bond markets following former Prime Minister Liz Truss’s ill-fated fiscal loosening.