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stock market debut. but is it the right time? as you ve been hearing, the uk government says it s sticking to plans for £45 billion of tax cuts despite turmoil on financial markets since the chancellor s mini budget statement on friday. it s seen investors dumping the pound and uk government borrowing costs soaring on growing alarm about the country s finances. on wednesday the bank of england was forced into an emergency intervention to head off a pension fund crisis. it will spend billions buying up uk government bonds to prop up their value and keep borrowing costs down. but as our economics editor faisal islam explains, it s only a short term solution. what started as an attempt to grow the economy with the biggest tax cuts in half a century led to havoc on currency markets more importantly on debt markets and then, within days, led to a tidal wave of interest rate rises, reaching every corner of the economy. in an emergency statement, the bank of england said. ....
Andrew sentance, is a senior adviser to cambridge econometrics and a former member of the bank of england monetary policy committee. hejoins us now. do you think this was the right move by the bank of england? yes. do you think this was the right move by the bank of england? by the bank of england? yes, it was the riaht by the bank of england? yes, it was the right move. by the bank of england? yes, it was the right move, given by the bank of england? yes, it was the right move, given the by the bank of england? yes, it was the right move, given the data - by the bank of england? yes, it was the right move, given the data we i the right move, given the data we have been getting in the last few weeks, inflation yesterday was stuck at a very high level. when it was expected to fall. wage increases in the private sector picked up quite strongly in the most recent month and are now increasing at 7.6% and this suggests that the inflation that we have got at the moment is becoming mor ....
With the markets. so this intervention staved off market turmoil turning into the collapse of some types of pension fund. but in terms of growth and the roots of this crisis they re still there. faisal islam, bbc news. dr andrew sentance was a member of the bank of england s monetary policy committee between 2006 and 2011. he s now a senior adviser at the consultancy cambridge econometrics welcome to the programme. first of all, give us your take on this intervention on the bank of england. would you argue it didn t have much choice at all and had to act? and had to act? the bank was actin: and had to act? the bank was acting under and had to act? the bank was acting under part and had to act? the bank was acting under part of and had to act? the bank was acting under part of its - and had to act? the bank was acting under part of its remit| acting under part of its remit that deals with financial stability, ensure the financial system is stable, which is a ....