Investors see the Bank of England’s priority as fighting inflation, even if that raises the likelihood of deeper turmoil in U.K. financial markets
, undertake politically damaging spending cuts to prevent government debt from spiraling higher, or do neither and risk the wrath of financial markets.
U.K. Chancellor of the Exchequer Kwasi Kwarteng has promised to lay out spending plans in detail on Oct. 31, telling lawmakers on Tuesday that the government had “an absolutely iron commitment to fiscal stability.” Investors said the bank faced its biggest test of credibility since it gained independence in 1997. “This is the first time since independence the Bank of England has got to be the bad cop” and raise interest rates sharply to corral inflation, said Trevor Greetham, head of multiasset investing at Royal London.
One reason the BOE is planning to end the emergency program is that it hasn’t been used to its full capacity, according to officials at the central bank, likely because pension funds were reluctant to sell their positions at a steep loss.
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