Bank of England in fresh emergency move to calm markets

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Bank of England in fresh emergency move to calm markets





The Bank of England has warned of a "material risk" to financial stability as it made a fresh emergency move to try to calm investors.

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It said it would buy more government bonds to try to stabilise their price and prevent a sell-off that could put some pension funds at risk of collapse.

It is the third time the Bank has had to step in since the government's mini-budget sparked alarm among investors.

The chancellor promised huge tax cuts without saying how he would fund them.

The government said it remained confident in the plan, with Kwasi Kwarteng telling MPs he was "relentlessly focused on growing the economy" and "raising living standards".

But Labour's shadow chancellor Rachel Reeves said: "This is a Tory crisis that has been made in Downing Street, and that is being paid for by working people."

The Bank's warning about financial stability is rare and suggests it cannot confidently ignore the threat it sees to the financial system.

It is even rarer for several senior Bank executives to have indicated part of the blame for the turmoil may lie at the government's door, the result of domestic policy.

The Bank was forced to intervene after government borrowing costs rose sharply despite actions it and the Treasury had taken to calm investors on Monday.