‘Dysfunction in this market’: Bank of England intervenes over ‘material risk’ to UK economy

The Bank of England has taken a dramatic step to calm a crisis in government bond markets, suspending its program to sell bonds and instead committing to buy them to counter “dysfunctional markets”.

“Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability,” it said. The International Monetary Fund and ratings agency Moody’s ramped up pressure on Britain to reverse a new economic strategy that was roiling financial markets for a fourth day on Wednesday and has sparked alarm about the UK housing market.

With the cost of borrowing soaring, mortgage lenders pulled hundreds of products, while several media outlets have published anecdotal reports that people were struggling to get through to lenders to either complete or change mortgage deals.

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