BoE’s Mann: Stability bond purchases were targeted and temporary

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LONDON — Bank of England policymaker Catherine Mann said on Saturday that the central bank’s bond purchases in the days following the government’s « mini-budget » fiscal plan last month to calm financial markets were « very targeted and temporary ».

« The financial stability approach, the financial stability requirements were very targeted and temporary, » Mann said at an event hosted by the Marshall Society at the University of Cambridge.

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The BoE announced it would intervene in the UK government bond market on September 28 after prices fell following the announcement of planned tax cuts by former finance minister Kwasi Kwarteng. Its buying program ended on October 14. (Reporting by William Schomberg, written by Muvija M)