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Bank launches emergency intervention in markets after Kwarteng mini-budget
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The Bank of England has announced it will intervene in the financial markets in response to the meltdown after Kwasi Kwarteng’s mini-budget.
Threadneedle Street said it would begin buying long-dated UK government bonds starting on Thursday in an attempt to stabilise the market.
The Bank said it would launch temporary and targeted purchases in the gilt market on financial stability grounds at an urgent pace.
“In line with its financial stability objective, the Bank of England stands ready to restore market functioning and reduce any risks from contagion to credit conditions for UK households and businesses.”
More details soon …
Read more on theguardian.comAbout this in other media
Mini-budget will likely mean higher interest rates, warns Bank of England governor theguardian.com /2 years ago
Pound falls sharply against dollar after Bank confirms bond-buying end date theguardian.com /2 years ago
Bank of England expands bond buying to avoid ‘fire sale’ theguardian.com /2 years ago
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