The governor of the Bank of England denied there was a link between recent quantitative tightening, which saw the central bank reduce its stock of government bonds, and pressures in the wider banking sector. Andrew Bailey told MPs on the Treasury Committee: “I don’t think there is any connection between quantitative tightening effects and the events in the banking system that we have seen in recent months, not least because the UK banking system has not experienced stress in recent months. “As we discussed, the Silicon Valley Bank UK failure was a very idiosyncratic issue in that it was a subsidiary of a bank that failed in the US.”