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Daily Mirror

Business

Sam Barker

Pension funds faced 'mass collapse' within hours if Bank of England hadn't stepped in

Bank of England United Kingdom Kwasi Kwarteng Black Hole

Pension savers faced turmoil today as the Bank of England took urgent action to stop retirement firms collapsing.

The Bank has started buying up bonds in an emergency move to avoid a “material risk to UK financial stability”.

Pension funds faced "mass insolvencies" without action from the BoE, Sky News reports.

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