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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 risks from contagion to credit conditions to uk households and businesses." this explains the intervention. since the mini—budget, the effective c...

Last week's widely—criticised mini—budget unveiled by the chancellor has been followed by a collapse in the pound and a sharp 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, th...

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 risks from contagion to credit conditions to uk households and businesses," and would, this explains the intervention. since the mini budget, the effective cost of borrowing ...

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...