In March 2020 the BoE responded when the coronavirus caused a “dash for cash”. Investors rushed to liquidate assets, including money market funds which held UK government bonds. The wave of selling prompted trading to seize up, forcing the central bank to step in and buy debt.
As an open economy, Britain cannot fully control how and where its government debt is traded. Being an international reserve currency mostly works in the UK’s favour, lowering the interest rate on government debt. But it also makes the gilt market – which is a tenth of the size of the $24 trillion market for U.S. Treasury bonds – more vulnerable to shocks. During the recent pension blow-up, the yield on 30-year government bonds soared by over 1 percentage point to above 5% in just a few days .
That is why the BoE is pushing for a global standard for regulating fund managers. Indeed, an outline may emerge from this week’s meeting of the G20’s Financial Stability Board. But previous attempts have fallen victim to intense lobbying from the fund management industry.
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