Top
image credit: Adobe Stock

Bank of England confirms intervention to stabilise pensions market after mini-budget

October 6, 2022

Via: Sky News

Responding to a letter from Treasury Select Committee chairman Mel Stride asking for greater clarity on why the Bank intervened at the end of September, Sir Jon Cunliffe, the Bank’s deputy governor for financial stability, said it launched an emergency £65bn bail-out gilt-buying programme to prevent a “self-reinforcing spiral”.

He said the speed and sheer scale of the rise in gilt yields – the cost of government borrowing – was unprecedented and put pressure on pensions funds.

Read More on Sky News