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Politics : A Real American President: Donald Trump
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Honey_Bee
To: Honey_Bee who wrote (368463)9/28/2022 5:47:55 PM
From: FJB2 Recommendations   of 456503
 
Pension funds 'would have collapsed TODAY' if Bank of England didn't hit panic button: Bank announced £60billion government debt buy-up amid fears institutions were within HOURS of being crushed by soaring interest rates and plummeting Pound
The Bank of England was forced to step in with a £60billion buy-up of government debt to stop a mass collapse of pension funds, it was claimed today. In a shock and highly unusual move, Threadneedle Street declared this morning that it would purchase gilts in response to the 'significant repricing of UK and global financial assets' since Kwasi Kwarteng's tax-cutting Budget. It has emerged that the extraordinary intervention was triggered by fears that otherwise major players would have been crushed within hours - putting the whole system at risk. They were under huge pressure from huge moves in gilts - bonds issued to finance government borrowing - combined with plunging in the Pound. And officials believed they were witnessing a 'dynamic run' similar to that seen when Northern Rock failed at the start of the credit crunch, according to Sky News. Some were said to have been urgently raising capital to cover their liabilities. The Bank's action is designed to add more demand for gilts and and pump up their prices - which in turn brings down the interest rates.
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