The Bank of England has announced an emergency intervention in Britain’s financial markets to head off a “material risk to UK financial stability” after last week’s budget.
In a highly unusual move the Bank said it would start buying long-term government debt to tackle a surge in the cost of borrowing, which it said risked “contagion” to households and businesses.
Some of the country’s largest pension funds had warned the Bank that they were facing a cash crisis caused by the unprecedented rise in yields on long-dated government bonds.
The Bank also announced it was delaying longstanding plans to begin winding down quantitative easing, which was due to start next week.
It follows days of market turmoil that has pushed up the cost of government
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2022-09-28 09:40:00Z
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