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Another week, another ham-handed intervention from the United Kingdom’s central bank. The Bank of England on Monday announced it’s scaling up bond purchases under a crisis intervention introduced fewer than seven days ago. The point is to soothe markets the bank is chiefly responsible for riling—while shifting the blame to others.
The central bank will double, to £10 billion, the daily limit of long-term gilts it is prepared to buy at auction. The BOE announced Sept. 28 that it would buy up to £5 billion per business day until Oct. 14, but as of Monday total bond purchases were around £5 billion, compared to the maximum of £40 billion the BOE could have bought.
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