Bank of England bolsters plan to calm market turmoilon October 10, 2022 at 7:25 am

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

The Bank of England will increase the daily limit on its emergency bond-buying programme during its final week.

A view of the Bank of EnglandImage source, Getty Images

The Bank of England has announced new measures aimed at ensuring an “orderly end” to its emergency bond buying scheme, which it brought in when some pension funds were at risk of collapse.

The Bank says that it will now buy up to £10bn of government bonds a day, double the previous limit of £5bn.

So far the Bank has bought only around £5bn bonds under the £65bn programme.

The scheme was introduced after the government’s mini-budget sparked turmoil on financial markets.

The pound hit a record low and investors had demanded a much higher return for investing in government bonds, causing some to halve in value.

Pension funds, which invest in bonds, were forced to start selling, sparking fears of a fresh market downturn.

When the Bank stepped in, it said its decision to buy government bonds was driven by concern over “a material risk to UK financial stability.”

- Advertisement -




Criminal barristers in England and Wales vote to go on all-out strikeon August 22, 2022 at 8:40 am

An indefinite, uninterrupted strike over pay will begin in England and Wales next month.Image source, ReutersBarristers have voted to go on an indefinite, uninterrupted...

Prince Harry arrives at the abbeyon May 6, 2023 at 9:49 am

The Duke of Sussex looked happy and relaxed as he entered the abbey with his cousins Princesses Beatrice and Eugenie, the daughters of Prince...

Election 2022: Is there an election in my area?on April 8, 2022 at 4:23 pm

National elections in Northern Ireland and local elections in the rest of the UK happen on 5 May 2022.

New season tickets go on sale for part-time commuterson June 21, 2021 at 6:53 am

Passengers who travel to work two or three days a week now have the option of a flexible monthly ticket.image copyrightPA MediaNew flexible season...

Tesla sells most of its Bitcoin holdingson July 20, 2022 at 10:48 pm

The deal comes as the value of the cryptocurrency has plunged.Image source, Getty ImagesTesla, which made waves last year when it revealed a major...