Business
BOE Did ‘Right Thing’ to Stabilize Gilts Market: Summers
Former US Treasury Secretary Lawrence Summers says the Bank of England’s plan to buy long-dated notes is the “right thing to do,” while cautioning that the action doesn’t address the “fundamental contradictions” in UK fiscal and monetary policy. The BOE “took an aspect of the situation that was hemorrhaging and they put a tourniquet around it” he says on Bloomberg Television. “But it does not by any means that Britain is out of the woods.”
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