The operation of monetary policy

• There was no change in UK official interest rates, which remained 5¾% throughout the period from July to September.
• Sterling ended the period stronger, at its highest level on the effective exchange rate index (87.0) since March 1995.
• Gilt sales of £11.2 billion were made in the period, bringing total gilt sales for the fiscal year to date to £22.3 billion.

The operation of monetary policy