"You could argue we are quite close to a round-trip for gilt yields after mini-budget," Bank of England (BoE) Deputy Governor Dave Ramsden said on Monday, as reported by Reuters.

Ramsden further argued that the gilt market shows that credibility is being restored and added that the fiscal plan scheduled to be unveiled on October 31 will be very important to sustain that credibility.

Market reaction

THere was no immediate market reaction to these remarks. As of writing, the GBP/USD pair was trading at 1.1297, where it was virtually unchanged on a daily basis.