Column: John Wraith

The Bank of England has reached the midway point of its programme to create £75bn of central bank reserves and inject them into UK bond markets. The vast majority of the injection, probably in the order of £70bn, will be allocated to gilts, with the Bank seeking to increase the quantity of money in the UK economy while also lowering and flattening the risk-free yield curve. This should have the dual benefits of reducing a wide array of corporate yields benchmarked to the government bond curve, a

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