ironically, i say that because all the speculation about the budget u turn has taken the pressure off gilt yields, meaning there is more capacity for things to go up today and for pension schemes to cope. so ironically, i think the bank s gamble will have worked. let s get the thoughts of louise cooper, senior lecturer in finance at kingston university business school. you have to remember, the bank of england is supposed to be politically independent. the role of the bank of england is not to be there to bail out the government. it wanted to put interest rates up and reverse quantitative easing because we have rampant inflation. when you have rampant inflation, you should be putting interest rates up and slowing the economy. it was forced to do a u turn because of the chaos in gilts markets, in government