(Alliance News) - The Bank of England on Thursday said it sold a portfolio of GBP19.3 billion worth of UK gilts, which it purchased in the autumn to keep a lid on bond market volatility following the mini-budget.

The ill-fated fiscal plan spooked investors and contributed to the departures of ex-chancellor Kwasi Kwarteng and former prime minister Liz Truss.

The 'mini-budget' sent the pound into free-fall and bond markets into a tailspin. It also put pension funds under threat.

The Bank of England was forced to step in, through its emergency gilt-buying programme.

The GBP19.3 billion sales are not related to another plan by the central bank to sell roughly GBP850 billion of UK government bonds that were accumulated under its quantitative easing programme.

By Eric Cunha, Alliance News news editor

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