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Ambrose Evans-Pritchard: Bank of England will never unwind QE, nor should it
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, March 11, 2014
Britain has just carried out one of the greatest victimless crimes in modern financial history. It is in effect wiping out public debt worth 20 to 25 percent of GDP -- on the sly -- without inflicting serious macroeconomic damage or frightening global bond markets.
Governor Mark Carney more or less acknowledged this morning that the Bank of England will never reverse its L375 billion of Gilts purchases. Quite right too.
"Any unwinding of QE should come after several adjustments to rates," he told the Treasury Select Committee. The word "any" tells us what we need to know.
This follows comments by Deputy Governor Charlie Bean yesterday that the Bank will "only contemplate selling back Gilts once the recovery is on a firm path." He admitted that some holdings may never be sold. ...
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