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The Bank of England announced the start of an emergency program of interventions and the purchase
🎞️ · 08.10.2022 · 02:02:49 ··· Samstag ⭐ 0 🎬 0
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🎬 · 08.10.2022 · 02:02:49 ··· Samstag
😎 · 03.07.2024 · 15:40:29 ··· MiTTwoch
The Bank of England announced the start of an emergency program of interventions and the purchase of long-term government bonds to stabilize the market, writes The Independent. To do this, the institution had to postpone the planned start of the sale of its securities. Such a shocking move was caused by the recent actions of Liz Truss and her new unbalanced budget, which literally brought down the stock markets and threatened the country's pension funds.
The decision of the Bank of England followed the speech of the Minister of Finance of the United Kingdom Quasi Kwarteng, who on September 23 announced a reduction in the maximum income tax rate from 45% to 40%. Then the pound fell to a historic low of $1.03, and after that the British currency regained some of its lost positions to $1.07. “There has been a lot of volatility in the global financial markets in recent days. To streamline the situation, the bank will temporarily buy long-term government bonds. This operation will be compensated by the Ministry of Finance,” the bank said in a statement.
The announcement temporarily calmed the bond market: the interest rate on 10-year UK government bonds fell from 4.5% to 4.1%, and on 30-year bonds from 5% to 4.2%. However, the pound, which managed to stabilize, again fell sharply by 1.6% to $1.05. Many experts commented that the situation continues to cause great concern among investors and ordinary citizens.
Labor leader Kier Starmer called on the Conservative government to hold an emergency meeting and change course. The head of the Liberal Democrat party, Ed Davey, said that Prime Minister Liz Truss needs to prevent an economic disaster. The faces of Truss have been repeatedly blamed for the collapse of the pound and the stock markets due to her incompetent policies and budget, which has been repeatedly called a gamble.
· 08.10.2022 · 02:02:49 ··· Samstag
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