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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 ...

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... "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 for uk households and businesses". th...

Very much our focus is trying to explain what has happened in relation to the economy and what might happen next. let's return to our top story. the bank of england says it took the decision to buy 65 billion of government bonds to prevent "material risk" to the uk's financial stability. that's right, so far the government is standing by its mini—budget plans announced last week. but the bank's emergency intervention underlines that this is a crisis — i'm joined now by andrew sentance, a former member of the bank of england's monetary policy committee. thanks forjoining us. explain briefly...

Pledged to buy £65 billion of government debt known as bonds and without that decision, we understand some types of pension funds would have been at risk of collapse. it is an about turn in policy. a week ago, the bank was talking about starting to sell, not buying it. but the government said —— but it said it had to act because of a material risk to uk financial stability. we can take a look at this. idistill can take a look at this. will further intervention - can take a look at this. will further intervention by the bank of engtand _ further intervention by the bank of engtand be — f...