The Bank of England has revealed its scheme to protect the market from the chaos following the Chancellor's mini-budget will end on Friday. Pension funds will have to have found tens of billions of pounds before the end of the week to ensure they have enough cash on hand to withstand market volatility.
Officials stepped in two weeks ago after Chancellor Kwasi Kwarteng's mini-budget sent markets into chaos. "As the Bank has made clear from the outset, its temporary and targeted purchases of gilts will end on October 14," the Bank said in a statement.
"The Governor confirmed this position yesterday, and it has been made absolutely clear in contact with the banks at senior level." The announcement came after a report in the Financial Times on Wednesday claimed officials were telling lenders behind the scenes that the scheme might be extended past Friday.
