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Reaction to the government's measures now represented a material risk to uk financial stability. it says the market for gilts, in which the british government borrows, has become dysfunctional, and threatens the finances of uk households and businesses. investors fear the big market moves are a particular threat to the uk's pension funds, and could cause spill—over damage across the financial sector. here's our economics correspondent, andy verity. ever since last friday, the bank of england's governor andrew bailey has been trying to resist taking emergency measures following kwasi kwarteng...

Increase in the costs of government borrowing. our economics editor faisal islam has the latest. 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, "were dysfunction in this market to continue or worsen, there would be a material risk to uk financial stability." it said it was "seeking to restore market functioning and reduce any risk...

Volatility on key markets, eventually ending up in better territory. the need for an intervention of this size tells its own story. 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, "were dysfunction in this market to continue or worsen, there would be a material risk to uk financial stability. it said it was "seeking to restore mark...

Englands governor andrew bailey has been trying to resist taking emergency measures following kwasi kwarteng was huge tax cuts to be funded by borrowing. but now the cost of borrowing on financial markets has forced him to. in an emergency statement, the bank of england said, were dysfunction in this market to continue or worsen there would be a material risk to uk financial stability. there would be a material risk to uk financialstability. it there would be a material risk to uk financial stability. it said it was seeking to restore market functioning and reduce any risks from contagion to c...

From the international money fund. today, the bank of england made an unprecedented intervention to buy government bonds, to look at the volatility within hours up, down, again, close to all time low, then another recovery, all the way up to 1.08, a few moments ago. as the bank of england came to a rescue. what started as an attempt to grow the economy with the biggest tax cuts in half a century, led to havoc on currency market, more importantly on debt markets, and then within days, led to a tidal wave of interest rate rises reaching every corner of the economy, from mortgages to high street ...