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It is marginally bad for the current budget rule and marginally good for the debt rule. Marginally is the operative word here. 3) The BoE would not have chosen to back the currency with long-dated gilts on its books, but it's not a bad thing to do with them

4) Having DMO do sales to the market is also marginal. It always set the marturity structure of issuance after knowing the BoE sales, so was always in charge. This formallises the practice 5) There is a tiny benefit to the public purse from BoE not selling small quantities of illiquid bonds

6) Governments of any colour could still work with BoE on a tiered reserves scheme not to remunerate all reserves at Bank Rate if a future government wanted to (at least untile 2034). But BoE by continuing QT is reducing the interest rate risk it bears