Bank of England seeks to stem bond market turmoil

📆 28/09/2022 13:35:00
📰 Reuters

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The Bank of England sought to quell a fire-storm in the British bond market, saying on Wednesday it would buy as much government debt as needed to restore financial stability after chaos triggered by the new government's fiscal policy.

Despite those comments, the market had remained in turmoil.

With the cost of British borrowing soaring, mortgage lenders pulled hundreds of products and anecdotal reports said people were struggling to get through to lenders to either complete or change mortgage deals. The IMF holds symbolic importance in British politics: its bailout in 1976 following a balance-of-payments crisis forced huge spending cuts and has long been regarded as a humiliating low point in the country's modern economic history.

In a blunt release, Moody's said large unfunded tax cuts were "credit negative" for Britain, risking structurally higher funding costs that could weaken the economy.

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