Bean says that “if you call an emergency meeting, you have to take significant action”. Adding that in such a scenario, “you go big and you go fast” in referring to what the BOE should have done. For some context, Bean was the chief economist for the BOE from 2000 to 2008 and deputy governor from 2008 to 2014.

For now, markets are looking calmer but I wouldn’t say that is to do with the BOE special statement yesterday. However, it will still be a relief for the central bank that the run against UK assets have at least stalled for now.