The Bank of England and the UK Bond Market

The Bank of England intervened hugely in order to preserve what they called the financial system. The big surprise was the 45 billion pounds worth of unfunded tax cuts, which are expected to structurally shift UK borrowing much higher over the next couple of years and for it to remain so. And out of that budget, there wasn't any medium fiscal term plan to bring those debt to GDP ratios down. So that's booked out guilt investors. For the first time, Friday, Monday, Tuesday and trading, you saw something called a bear steepening of the UK guilt curve,.