Bitcoin faces eight-year rates test as Bank of England unwinds £368 billion in gilts

The Bank of England has committed to reducing its £368 billion gilt portfolio by September 2034 through a combination of bond maturities and active sales. The Monetary Policy Committee plans an average annual reduction of £46 billion, with £20 billion coming from active sales. While six members voted to keep the Bank Rate at 3.75%, all nine members supported the multi-year quantitative tightening plan. Market response saw yields on 10-year and 30-year gilts decline, and the Bank is currently reviewing implementation details with HM Treasury, with operational plans expected by April 2027.