BoE's Bailey: We are not planning to sell gilts before August

"We are not planning on selling gilts before August," Bank of England Governor Andrew Bailey said on Thursday, adding that, before then, there is a lot of work to be done, reported Reuters. The BoE still needs to look at the market context when considering whether to start gilt sales, he continued. 

BoE Deputy Governor Dave Ramsden added that any gilt sales must be consistent with effective gilt market function. Deputy Governor Ben Broadbent, meanwhile, noted that if the UK is hit by a negative shock in the future, the BoE wants its bank rate to be able to respond first, not gilt operations.