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BBCNEWS BBC News at Ten June 4, 2024 21:02:00

Coming up in the sport, it is a low scoring affair, but england lose in lahore, as pakistan take control of the twenty20 series with a six run win. good evening. faced with growing alarm on the financial markets about the government s economic strategy, the bank of england has been forced to take emergency action to try to stabilise things. 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. earlier today, the bank of england said it would intervene in the markets to stave off a material risk to uk financial stability, especially in the longer term context of pension funds. ....

Bank Of England , Kwasi Kwarteng , Emergency Action , Material Risk , Pension Funds , Government Borrowing , Uk Financial Stability ,

BBCNEWS Newsday June 4, 2024 22:05:00

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 risks from contagion to credit conditions to uk households and businesses, and would intervene on whatever scale is necessary to do so. 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 that would normally take years, increasing the cost of borrowin ....

Faisal Islam , Debt Markets , Currency Markets , Government Borrowing , Tax Cuts , Bank Of England , Emergency Statement , Interest Rate , Material Risk , Tidal Wave , Uk Financial Stability , Market Functioning , Mini Budget ,

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 that would normally take years, increasing the cost of borrowing for the government and everybody. the bank of england intervened today, buying up those debts in unlimited quantities, which brought down those interest rates, but they remain high. high interest rates ....

Bank Of England , Emergency Statement , Interest Rate , Tidal Wave , Material Risk , Market Functioning , Uk Financial Stability , Mini Budget , Interest Rates ,