Bank’s interest rate vote and bond plans are little help to Reeves before budget

Holding borrowing rates and continuing bond sell-offs were widely expected but an alternative was available

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Gradual" and predictable" are the watchwords at the Bank of England. But for Rachel Reeves, preparing for a tough autumn budget, a more activist approach from Threadneedle Street could have helped.

The central bank had two pieces of bad news for the chancellor on Thursday: borrowing costs would be held unchanged at the current elevated level, while the Bank would proceed with a plan to sell billions of pounds in UK government bonds.