Five-year British government bonds fall dramatically as traders price in higher risk of default on debt
or Greece, who we have traditionally thought of as being not quite basket cases, but certainly weaker-performing sovereign entities.”
He said the central bank should have reacted to the market turmoil by calling an emergency meeting, and that the lesson of urgent interventions was “you go big, and you go fast”. He added: “On this occasion if I had still been at the Bank in my role as deputy governor I certainly would have been counselling the governor that I think this is one of those occasions where it might have made sense [to call a meeting].The Bank of England’s governor,, issued a statement on Monday that emphasised the central bank’s willingness to raise rates in its fight against inflation, but stopped short of announcing an emergency rate rise as some had expected.
Some analysts said the sharp rise in the UK’s short-term borrowing rates reflected concern about the prospects for the economy and rising debt levels in the run-up to the next election.Get set for the working day – we'll point you to the all the business news and analysis you need every morningNewsletters may contain info about charities, online ads, and content funded by outside parties.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Five rescuers killed after Super Typhoon Noru hits the PhilippinesStorm records sustained winds of 170km/h, causing flooding and power outages and forcing the evacuation of thousands of people
Read more »
Surprise as Qantas surges into top five as world's best airline namedDespite passenger outrage over record flight delays and cancellations and lengthy waits for customer service responses, Qantas has been named the world's fifth best airline. Via TravellerAU
Read more »
US tech’s ‘big five’ targeted by new Senate inquiryMarket power, children’s data and behavioural ads will be examined by the inquiry that received bipartisan support on Monday.
Read more »
Russia school shooting: five children among nine deadInterior ministry says gunman killed himself after shooting in Izhevsk in Udmurtia region
Read more »
At least 13 dead, including five children in Russian school shootingAt least 13 people have been killed and 21 more wounded after a gunman opened fire at a school in the Russian city of Izhevsk, according to Russian news outlets.
Read more »
Five of the hottest new restaurants in San FranciscoThis small, vibrant city is a foodie’s idea of heaven, thanks in large part to its Streets as Shared Spaces Program. These are the eateries you don’t want to miss.
Read more »