The public finance implications of QE unwind

An irrelevance theorem and a note of caution

Most of my stuff is now on the Money: Inside and Out substack hosted by Exante Data.

But occasionally there is something that is too technical or my thinking too incomplete meaning I should post here instead for comments. This is one such opportunity.

Since the Bank of England is contemplating active bond sales, doesn’t this create a risk for the taxpayer? Yes.

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