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Bank of England sets out immediate plan for buying back government bonds to shore up pund
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fnlondon.comThe Bank of England will intervene in the market chaos engulfing the pound, with an immediate plan for temporary purchases of long-dated UK government bonds from 28 September.
The central bank warned on 26 September it would intervene following a widescale selloff on the pound, pushing the currency to record lows, on the back of the UK Treasury’s £45bn tax-cut giveaway. The pound plummeted to a record low against the dollar during early trading on 26 September, falling below $1.03 — its lowest-ever recorded level.
“The...
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