The Bank of England's balance sheet is likely to roughly halve to around 27...
LONDON - The Bank of England’s balance sheet is likely to roughly halve to around 275-375 billion pounds when the time comes to reverse quantitative easing, a senior official said on Wednesday.
Previously, the BoE said it expected its balance sheet to shrink when it ultimately reverses quantitative easing, but not to return to pre-crisis levels due to a long-term increase in commercial lenders’ demand to hold reserves at the central bank. The structure of the BoE’s balance sheet affects how changes in interest rates are passed on to borrowers, and the ease with which banks can send each other money, though the BoE does not think it drives the volume of bank lending in Britain.
Adding other liabilities such as banknotes in circulation, this would suggest the BoE’s balance sheet should be 275-375 billion pounds - equivalent to 12%-18% of annual economic output - after quantitative easing has been reversed, he said.
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