'Incompetence by Bank could cost taxpayers £100bn'

INCOMPETENCE by the Bank of England over the rapid sale of government bonds could cost taxpayers at least £100billion, a former Cabinet minister warns.

- Martyn Brown

Senior Tory Sir John Redwood claimed the Bank has already squandered £24billion by selling bonds at a lower price than they were bought.

This figure could soar to at least four times that, the former Welsh Secretary said.

Following the 2008 financial crash, the BoE embarked on a 13-year-long quantitative easing programme, buying up £895billion in government bonds - known as gilts - while interest rates were historically low.