Yields rise after chancellor replaced and BoE ends gilt market operations

BoE’s bond market operations conclude

Jonathan Stapleton
clock • 1 min read
Conclude after buying a total of nearly £20bn of paper.
Image:

Conclude after buying a total of nearly £20bn of paper.

The Bank of England concluded its gilt market operation - buying a total of £1.450bn of paper in today’s auction.

The bank said it had purchased a total of £1.3bn of conventional and £129.4m of index-linked gilts in today's auction - taking the total amount of bonds it has purchased under its scheme to a total of £19.3bn, comprising of £12.1bn of conventional and £7.2bn of index-linked gilts.

30-year gilt yields stood at 4.8% at 4:15pm today - up 50 basis points from a low point of around 4.3% at midday today but only a little higher than the close of 4.5% yesterday. They are still considerably lower than the highs on Wednesday, when yields breached the 5% barrier.

This comes as prime minister Liz Truss appointed Jeremy Hunt as the new chancellor following the sacking of Kwasi Kwarteng today (14 October).

More on UK

BoE's Alan Taylor: Extended interest rate hold an 'appropriately measured policy response'
UK

BoE's Alan Taylor: Extended interest rate hold an 'appropriately measured policy response'

Geopolitics in the driving seat

Michael Nelson
clock 24 June 2026 • 2 min read
Reeves nominates ex-MPC member Jonathan Haskel as next OBR chair
UK

Reeves nominates ex-MPC member Jonathan Haskel as next OBR chair

Imperial College London professor

clock 23 June 2026 • 2 min read
Markets pricing uncertainty rather than policy risk after Starmer resignation
UK

Markets pricing uncertainty rather than policy risk after Starmer resignation

Chancellor pick under scrutiny

Michael Nelson
clock 22 June 2026 • 3 min read
Trustpilot