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BOE’s Haldane Says QE Size Challenges Central Bank Independence

U.K. Begins Second National Lockdown
Photographer: Simon Dawson/Bloomberg

The extraordinary expansion in central banks’ balance sheets over the past decade poses a challenge to the independence of monetary policy, Bank of England Chief Economist Andy Haldane said.

Underscoring the scale of the BOE’s response to the coronavirus pandemic, Haldane said the size of the institution’s bond holdings will be close to 50% of the U.K.’s economic output and outstanding debt stock one its current asset-purchase program is concluded.