The latest bout of selling comes after BoE governor Andrew Bailey warned pension funds late on Tuesday that they have “three days left” before support ends.
The central bank has been rushing to contain the fallout from chancellor Kwasi Kwarteng’s package of unfunded tax cuts unveiled last month, which sent sterling and the gilt market into a tailspin, triggering a liquidity crisis among pension funds. He added that the lack of clarity over the BoE’s intentions had compounded the information vacuum over how the government plans to get borrowing on a sustainable footing. Kwarteng will publish a medium-term plan on how to cut debt on October 31.
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