Bank of England Governor Andrew Bailey pushed back on recent attacks on the central bank’s bond programme, writing in the Times that the mix of quantitative easing and its current tightening is “broadly neutral” for taxpayers. He noted the policy helped steady the economy after the 2008 crisis and the Covid pandemic, and refused to name specific critics such as Reform UK or the Green Party.

Bailey reminded readers that the Treasury has transferred roughly £108 billion to Threadneedle Street since late 2022, while the BOE earned nearly £124 billion from earlier gilt‑buying cycles. He argued that continuing gilt sales—rather than letting bonds run to maturity—shrinks the balance sheet and leaves the bank in a stronger position to repurchase assets if a future shock demands support.

The ongoing sales tighten UK monetary policy just as the Monetary Policy Committee meets to decide on another rate move. With inflation pressure from the Middle‑East conflict and a backdrop of weak demand and elevated unemployment, investors watch the BOE’s balance‑sheet reduction as a signal of policy resolve. The stance keeps the central bank ready to intervene if conditions deteriorate.