The Bank of England moved to ease concerns about the expiry at the end of this week of its emergency programme to calm turmoil in the government bond market, including a doubling of the maximum size of its planned debt buy-back on Monday.
After finance minister Kwasi Kwarteng alarmed investors with a string of unfunded tax cuts last month, the central bank said on Sept. 28 that it would temporarily buy up to 5 billion pounds a day of gilts with a maturity of at least 20 years.
The BoE has so far offered to buy up to 40 billion pounds' worth of gilts but has only bought about 5 billion pounds. The maximum auction size would be announced at 9am each morning and would be set at up to 10 billion pounds in Monday's operation although the central bank reserved the right to reduce offers.
The liquidity insurance operations would run beyond the end of this week and would accept a wider range of collateral than usual including corporate bonds, the bank said.
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