Bank of England’s tricky balancing act in dealing with global bond shock | Letter

Complicated trade-offs raise the issue of whether the government needs to change its relationship to the Bank of England, says Prof Costas Milas Your editorial ( The Guardian view on the global bond shock: Andy Burnham should take note, 1 September ) implicitly suggests that the global bond shock will bring firmly into focus our government’s fiscal responsibility. Fiscal responsibility is a precondition for avoiding a further rise in the UK’s cost of borrowing. Nevertheless, fiscal policy has to