The Bank of England's bond sales program starts on November 1

On November 1, the sale of a part of British government bonds will start, as announced by the Bank of England. At the same time, long-term securities caught in the epicenter of the recent storm in the UK government bond market will not be sold this year.

In order to avoid contradictions with the government's financial report, the publication of which is scheduled for October 31, the start date of the program, called the quantitative tightening program, will be postponed by 1 day relative to the previous schedule, the Bank of England said.

The BoE plans to reduce government bonds in the amount of 838 billion pounds (948 billion dollars). These assets were acquired during the entire time of the fight against the crisis, from the beginning of the global financial crisis to the COVID-19 pandemic with all its consequences, that is, for more than a decade.

Taking into account the continued volatility of the market, analysts at the consulting firm Evercore opined that the plan is "punchy".

On Tuesday, Jon Cunliffe, Deputy Governor of the Bank of England, made a statement about the possible continuation of volatility in financial markets in the coming weeks.