BBCNEWS Newsday June 4, 2024 23:17:00
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 cost of borrowing long—term for the government has shot up and was spiralling above 5%, a 20—year high. these were rises in two days...