Bank of England's policymaker Catherine Mann asserted that the central bank's recent bond-buying operation was temporary and targeted to calm financial markets following the government's controversial fiscal plan presented in late September.
"The financial stability approach, the requirements for financial stability was very targeted and temporary," Mann said in a speech delivered at the Marshall Society at Cambridge University.
The bond purchase, which ended on October 14, was introduced by the Bank of England after former finance secretary Kwasi Kwarteng announced a £60 billion tax cut package. The pound plunged and UK gilt yields reached multiyear highs following the announcement.
