经济学家正呼吁英国央行放缓或停止其量化紧缩政策下的债券销售计划，以降低英国政府的借贷成本。1英国央行本周召开货币政策委员会会议，将就是否冻结或减缓政府债券销售作出决策。1当前英国政府借贷成本已处于数十年高位，10年期金边债券收益率已突破5.4%，创下2007年7月以来的新高；30年期债券收益率达到5.93%，为1998年3月以来最高。1
英国央行在8月估计其量化紧缩政策可能造成约1200亿英镑的财政损失。1该央行已将年度债券销售目标从1000亿英镑降至700亿英镑，预计本周将再次下调至500亿英镑。1自2022年底开始积极销售量化宽松债券以来，央行债券投资组合已从8750亿英镑降至490亿英镑以下。1预算责任办公室预测，央行的债券销售将在2031年前增加约470亿英镑的政府债务。1美联储去年已停止积极出售其债券组合。1
Economists are calling on the Bank of England to pause or reduce its bond-selling program in an effort to bring down the government's borrowing expenses.1 The central bank's Monetary Policy Committee is meeting this week to decide whether to freeze or slow the pace of quantitative tightening through the sale of government bonds.1
UK government borrowing costs have reached decades-high levels, with the yield on 10-year gilt-edged securities surpassing 5.4%, the highest since July 2007, while 30-year bond yields have climbed to 5.93%, the highest since March 1998.1 The Bank of England estimated in August that its quantitative tightening policy could result in fiscal losses of approximately 120 billion pounds.1 The central bank has already reduced its annual bond-selling target from 100 billion pounds to 700 billion pounds, with further reductions to 500 billion pounds expected this week.1
Since actively selling bonds from its quantitative easing holdings beginning in late 2022, the Bank of England's bond portfolio has declined from 875 billion pounds to below 490 billion pounds.1 The Office for Budget Responsibility has projected that the central bank's bond sales will add roughly 470 billion pounds to government debt by 2031.1 In contrast, the US Federal Reserve halted active sales of its bond portfolio last year.1
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