Pound Hovers at $1.30 as the Bank of England Buys £1.17bn Mid-Term Gilts After QE Stumble

by Tara Cunningham

BoE to catch up on missed bond buy-backs in 6 months time

The Bank of England has said it will make up the £52m shortfall from yesterday’s failed bond buy-back in the second half of its six-month purchase programme. Details of these purchases will be announced on November 3, the central bank said in a statement this morning. Following the release of the statement, gilt futures made modest gains to a hit a session high.

The Bank of England aims to buy some £60bn of government debt in the next six months as it attempts to boost the economy. However, yesterday it offered to buy back some £1.17bn of long-dated government bonds but only attracted offers of £1.11bn – leaving it short £52m yesterday.

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