This paper constructs a consistent series for the market value of UK government debt over almost 300 years, analysing how monetary and fiscal policy affect the path of the UK price level. Specifically, it examines the interactions between debts, deficits, the monetary base and the price level....

The Bank of England and the Government Debt recounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in...