Brits have been left concerned for their pensions after the Bank of England confirmed that its bond-buying programme would end this week.
The Bank was forced to intervene to help pension funds after financial markets were plunged into turmoil, as the pound slumped to a record low and bond prices fell following Chancellor Kwasi Kwarteng’s mini-budget last month. Emergency measures brought in by the Bank, in which they bought bonds to help stabilise their price, are due to end on Friday - despite calls to extend the scheme.
Speaking on Tuesday, Bank of England governor Andrew Bailey warned pension fund managers that they have “three days left” to balance their books, The Mirror reports . The Bank emphasised that the help would not be extended, “as it had made clear from the outset” - but what does this mean for pensions?
