“The Bank of England is treading on very slippery ground”

How to explain that the Bank of England (BoE) chose to intervene on the Gilts market (government bonds) rather than raise its rates?

This is indeed very surprising from the British central bank. When Liz Truss’ economic and fiscal program was announced, which caused rates to soar and the pound to plunge, most monetary policy specialists were expecting an exceptional meeting which would have resulted in a rise in rates, before the meeting scheduled for early November. But an increase, for example of 100 basis points, would have immediately spread to mortgage rates, and would have had rapid and very concrete repercussions by weighing on the purchasing power of households and the British economy. A real stab at the new government.