The Quiet Coup of Quantitative Tightening The Bank of England's decision to quietly announce its £120bn bill has sparked debate about the limits of central bank independence and accountability.
Beneath this headline grabbing figure lies a more profound concern: the blurring of lines between monetary and fiscal policy.
For decades, the UK's constitutional settlement has been built on the idea that monetary policy is set by an independent Bank of England, while the Treasury handles taxation and spending.