John Redwood: The Chancellor must stop the bank losses first, before wrangling with her other problems

John Redwood: The Chancellor must stop the bank losses first, before wrangling with her other problems

Sir John Redwood is a former MP for Wokingham and a former Secretary of State for Wales. For more than two years I have been urging the Bank of England to stop selling bonds into the market incurring  large losses. The Bank, the government and the media ignored the advice and did not even acknowledge there was an issue. The OBR set out how the Bank would likely lose £257bn between 2022 and the final liquidation of its large bond portfolio. These…