The Bank of England moved Wednesday to halt a slide in British government bonds that posed a "material risk to UK financial stability" after political leaders' plans to slash taxes and increase borrowing spooked investors and sent the pound tumbling.The emergency intervention means the central bank will buy government bonds from Wednesday through to October 14 in an effort to stabilise the market and drive down the soaring cost of government borrowing."The bank is monitoring developments in financial markets very closely in light of the significant repricing of UK and global financial assets," the bank said in a statement.
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