Pound volatile after Bank of England says pensions help must end
The Bank of England has insisted again that it will go ahead with its decision to stop supporting the bond market on Friday after reports it may extend it.The Bank is buying bonds to stabilise their price and prevent a sale which could put some pension schemes at risk.
Government borrowing costs remain close to the levels seen at the height of the market turmoil last month, when the Bank first stepped in. Mr Bailey's insistence the recent support would end was no slip of the tongue, with the governor going out of his way to say financial giants now had to arrange their affairs."I'm afraid this has to be done, for the sake of financial stability," he said.
Pension funds invest in bonds because they provide a low but usually reliable return over a long period of time. It suggested the support should be extended until 31 October, when chancellor Kwasi Kwarteng is due to detail his economic plan explaining how he will balance the public finances. The statement will be accompanied by independent forecasts on the prospects for the UK economy.The government has said it remains confident in its tax cuts plan, with Mr Kwarteng telling MPs he was "relentlessly focused on growing the economy" and "raising living standards".
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