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What the plan to sell £146bn in gilts back to the Treasury means for the public finances

• Bank of England holds interest rates

• Burnham’s talk of ‘breathing space’ at odds with reality of future rate rises

Mixed in with the Bank of England’s decision on Thursday to hold interest rates at 3.75% was a surprise announcement that it was shaking up its programme of quantitative tightening.

So why is this apparently arcane change to QT important, and what does it mean for the public finances?

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