The message here is short and sweet. The B of E could not buy enough of yesterday’s quota of government bonds because there were not enough sellers. Bond yields have gone negative. We have said before and will say again the critical management of the economy is the political responsibility of the government and not the central bank, which has done its best and has gone as far as it can.
All eyes are now no longer on Threadneedle Street but Downing Street. The new Chancellor must emerge very soon from Number 11 and if not show his hand, at least declare what game he intends to play. The commercial and business community, as well as consumers and households, cannot be left drifting clueless until November. Or not without such damage as to make repair yet another intractable problem piling up in the in tray of a government seemingly of talk but no action.