Tell us what the Bank of England did on the balance sheet this month, Felix, and how we should be thinking and interpreting those changes.

So it might be worth quickly explaining what the Bank of England was doing before this meeting.

So most major central banks have a lot of government bonds on their balance sheets at the minute.

That's because many were bought up in response to the global financial crisis and then perhaps even more so in response to the Covid crisis of 2020 and the period of ultra-loose monetary policy that followed.

Most of these central banks are running them off passively, i.e. waiting for these bonds to expire.

But the Bank of England is doing something a little bit more active, actively selling these GILTs, UK government bonds, in the open market to get them off the balance sheet and normalize monetary policy into something more like a non-emergency state.

However, this has put a lot of upward pressure on UK gilt yields.

So what's the political setting here or considerations?