BREAKING: The Bank of England has said it will further bolster its emergency bond-buying plan. It warned an ongoing rout in the gilts market poses a ‘material risk to UK financial stability’.
Long-dated gilt prices tumbled, which sent yields on 30-year bonds soaring to 4.7% on Monday – their highest level since the Bank of England was forced to step in last month to avoid a mini financial market crisis.
‘Dysfunction in this market, and the prospect of self-reinforcing “fire sale” dynamics pose a material risk to UK financial stability.’ This morning Deputy Prime Minister Therese Coffey insisted the UK’s public finances are in a ‘good state’ after the Institute for Fiscal Studies warned £60 billion spending cuts would be needed to get finances under control.
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