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The Guardian - UK
The Guardian - UK
Business
Graeme Wearden

Bank of England must ‘stay the course’ fighting inflation; US keeps adding jobs; UK house prices fall – as it happened

United States Halifax Kim Kinnaird Interest Rates United Kingdom
The Bank of England in the City of London financial district
The Bank of England in the City of London financial district Photograph: Henry Nicholls/Reuters

Closing post

That’s all for the day, and indeed for the week.

Here’s our main stories so far:

We’ll be back on Monday. Have a lovely weekend. GW

Updated

Bank of England buys £786m of bonds in emergency intervention

Britain’s central bank has bought up £786m of long-dated bonds today to avoid financial turmoil following the mini-budget.

The purchases were made through the Bank of England’s intervention, launched last week, which allows it to buy up to £5bn per day of gilts.

The BoE also turned down £239m of offers in its reverse auction.

The scheme allows the Bank to prevent disorderly conditions in the market, after plunging bond prices threatened to drive some pension funds under. But so far, policymakers have only needed to spend a fraction of the £65bn firepower at its disposal.

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