The BoE should be free to intervene to fix broken markets such as during the early stages of the Covid-19 crisis or when Liz Truss/Kwasi Kwarteng has their disastrous "mini"-Budget, but constraints should be in place to stop taxpayers losing so much.
I firmly believe that the MPC should take account of financial risks to the taxpayer when setting monetary policy.
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Phil Milburn is co-head of the Liontrust Global Fixed Income team
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