The Bank of England Is Buying the Government Bonds

The value of the pound dropped, as they call it, a bit of a run on the pound. People were saying we don't want to have our money in government bonds when this government looks like it doesn't know what it's doing. Raising interest rates means people's mortgages or their credit card payments go up. There was a danger of some kind of spiral going on here where our economy would in effect collapse. So there was emergency funding from the Bank of England not once but twice. And what's happened is this policy has unraveled incredibly quickly.