News Formal

UK market crisis: Bank of England starts buying UK bonds | Fin24

  • 📰 News24
  • ⏱ Reading Time:
  • 14 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 80%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The Bank of England stepped in Wednesday to buy UK government bonds to shore up market confidence after Britain's heavily-criticised budget aimed at fighting inflation. | News24_Business

"The purpose of these purchases will be to restore orderly market conditions," a BoE statement said regarding its temporary buying of long-dated bonds.

The bank added that there was a"material risk to UK financial stability" should current market conditions continue. As well as soaring UK government bond yields, the British pound on Monday hit a record low at $1.0350, perilously close to parity.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ex-central bank chief named Kenyan finance minister amid rising inflationKenyan President William Ruto on Tuesday appointed former central bank governor Njuguna Ndung'u as finance minister to steer the economy through rising inflation, a heavy debt burden and drought.
Source: ReutersAfrica - 🏆 31. / 53 Read more »