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The Guardian - UK
The Guardian - UK
Business
Richard Partington Economics correspondent

Bank launches emergency intervention in markets after Kwarteng mini-budget

The Bank of England, London, Britain
The Bank of England says it will purchase bonds on ‘whatever scale is necessary’ to calm markets. Photograph: Peter Nicholls/Reuters

The Bank of England has taken emergency action to calm turmoil in financial markets amid the collapse in the pound and the increase in government borrowing costs triggered by Kwasi Kwarteng’s mini-budget.

Threadneedle Street said it was taking urgent steps to buy long-dated UK government bonds, beginning immediately in an attempt to stabilise the market.

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