LONDON: Andrew Bailey is wagering that the Bank of England (BoE) can eventually achieve a stimulus withdrawal that neither his predecessors nor his counterparts ever really dreamed was possible.
Only 100 days in office this week, the new governor has already set out a daunting ambition reminiscent of the bold declarations of his predecessor, Mark Carney, by suggesting the institution should ultimately prioritise shrinking its balance sheet before raising interest rates. If that policy ever materialises, it won’t be easy.