This is why the Bank used the GBPP as a market function tool at the onset of the pandemic. Any future use of a GBPP would reflect what we learned from this experience. Let me go over some of those lessons. First, we would be clear from the outset when we are purchasing GoC bonds strictly to restore market functioning.
There should be no ambiguity. We would be very clear that the GBPP is targeting market functioning and is distinct from—and not intended as—monetary policy. If we are not crystal clear in our market functioning objective, it could lead to speculation over other monetary policy actions. This is particularly important at times when the Bank is actively tightening monetary policy.