[anm89]

This seems pretty disingenuous to me. They aren't just choosing to pursue conflicting policy. The government acted first and FORCED the BOE to intervene to avert a crisis.

Here's potentially a better description: The new government came in and announced a series of policies that made it immediately clear to markets that inflation was not being taken seriously in the UK. This lead to a drastic, and I mean historically drastic, sell off on the long end of their bond market. Basically all capital markets in the UK were on the brink of freezing and probably shortly thereafter this would have become systemic.

This would have basically set the timer started on the UK being maybe a few weeks off from a humanitarian crisis. (if you think this is hyperbole understand that the entire energy storage capacity of UK is about 1% of their yearly use meaning capital financed energy flows are constantly necessary to keep the system running, the food situation is not that severe but still requires flows)

After all of this occurred, the BOE came in did the thing that they had zero other choice but to do which was to inject liquidity back into that segment of the bond market. I think they would be the first to tell you that this policy is a disaster. They had absolutely no choice.