Bank of England steps in for the third time amid 'fire sale' fear over budget
Evening Standard|October 11, 2022
Chancellor warned of 'big and painful' spending cuts ahead
Nicholas Cecil, David Bond, Jonathan Prynn and Rachael Burford
Bank of England steps in for the third time amid 'fire sale' fear over budget

THE Bank of England was forced today into a third emergency intervention in an effort to ensure Britain's financial stability threatened by the mayhem sparked by Kwasi Kwarteng's mini-budget.

In a move unprecedented in its 328-year history, the BoE stepped in to buy index-linked gilts amid fears of another "fire sale" of these Government bonds. It stressed that it was putting in this "back-stop" to "restore orderly market conditions". The bank acted just hours before Liz Truss was due to chair the Cabinet and as MPs returned to Westminster amid a febrile mood over her premiership which started just over a month ago.

MPs were due to vote to reverse the National Insurance hike introduced by ex-Chancellor Rishi Sunak. Mr Kwarteng was also due to face questions from MPs in the Commons after announcing on Monday that he would deliver a new fiscal statement on October 31 which is expected to seek to explain how the Government will pay for £43 billion of unfunded tax cuts.

But the Institute for Fiscal Studies warned the Chancellor, who this evening is due to fly to Washington DC for meetings of the IMF and the World. Bank, that he will have to find "big, painful spending cuts" of more than £60 billion or reverse much of his miniBudget if he is to meet his target to get the public finances back under control.

هذه القصة مأخوذة من طبعة October 11, 2022 من Evening Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة October 11, 2022 من Evening Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من EVENING STANDARD مشاهدة الكل
Why are England wasting time waiting for Tuchel?
The London Standard

Why are England wasting time waiting for Tuchel?

Winning the World Cup is the aim, so the new boss should start now

time-read
3 mins  |
November 14, 2024
He's been shot, and punched by Mike Tyson, but British boxing's great survivor is back on top and aiming to rule the world
The London Standard

He's been shot, and punched by Mike Tyson, but British boxing's great survivor is back on top and aiming to rule the world

This is where the magic happens,\" reads a big neon sign scrawled across the entrance to the offices of arguably the most powerful man in British boxing today.

time-read
7 mins  |
November 14, 2024
How Sketch went from 'obscene' to era-defining
The London Standard

How Sketch went from 'obscene' to era-defining

After arocky start, the glamorous and infamous restaurant is now an institution

time-read
4 mins  |
November 14, 2024
Money is worth less than time'
The London Standard

Money is worth less than time'

He's quit Fendi, but what will Kim Jones do next?

time-read
4 mins  |
November 14, 2024
London's Roman Amphitheatre
The London Standard

London's Roman Amphitheatre

Guildhall Yard, EC2V

time-read
3 mins  |
November 14, 2024
Liberals didn't notice they'd lost relevance in the all-consuming digital sphere
The London Standard

Liberals didn't notice they'd lost relevance in the all-consuming digital sphere

There are many reasons why Donald Trump might have won the election last week.

time-read
2 mins  |
November 14, 2024
Do we have to die?
The London Standard

Do we have to die?

One neuroscientist thinks the answer is no

time-read
4 mins  |
November 14, 2024
The London Standard

How to have a magical Christmas in Edinburgh

From cosy cobblestone streets to abundant Yuletide goings-on, few cities rival the Scottish capital in creating Christmas whimsy.

time-read
2 mins  |
November 14, 2024
London's best festive restaurants
The London Standard

London's best festive restaurants

The social season is upon us once more. These are the city’s most coveted Christmas venues, which need to be booked soon so as to not miss out on the tinsel and tipples.

time-read
2 mins  |
November 14, 2024
Rag'n'Bone Man
The London Standard

Rag'n'Bone Man

I struggle with being recognised... I'll never really feel comfortable with it'

time-read
6 mins  |
November 14, 2024