The Governor of the Bank of England (BoE, its acronym in English), Andrew Bailey, said on Monday (16) that the hike in interest rates in the United Kingdom did not create risks to the country’s financial stability.
The central banker attends a session in the British Parliament.
Bailey also pointed out that the markets have already overcome the instability generated by the economic plan of the former prime minister of the country, Liz Truss, last year.
Profit generated by the emergency program
The Bank of England said on Monday that it had transferred to the British Treasury the profits generated by the emergency bond purchase program implemented in the past.
The instrument was adopted on a temporary basis as a way of dealing with instability in financial markets, following a poorly received economic plan by former Prime Minister Liz Truss.
In a letter addressed to the Treasury, Andrew Bailey said the loans associated with the program will be repaid today.
“Relevant cash flows associated with the portfolio, including realized profits on sales, were incorporated into the normal quarterly cash transfer process between the APF and the Treasury,” he said.
Source: CNN Brasil
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