British finance minister Kwasi Kwarteng, who last month sparked a bond market rout with unfunded tax cuts, sought to reassure investors on Monday by bringing forward a budget announcement and naming a Treasury insider to run the department.
But a selloff of British government debt sped up again -- even after the Bank of England announced more support for the fragile market -- on worries about the scale of borrowing planned by Kwarteng and Prime Minister Liz Truss.longer-term tax and spending plans and independent economic forecasts on Oct. 31, more than three weeks earlier than previously scheduled., after unsettling investors by abruptly ousting his predecessor, Tom Scholar.
But investors remained anxious, pushing up the yields on longer-term British government debt closer towards their peaks of late September when pension funds came under strain, despite the Bank of England"The market reaction so far has been far from encouraging and are a sign of how precarious the situation may still be," said Daniela Russell, head of UK rates strategy at HSBC.
Many investors think the BoE could raise rates by a whole percentage point to counter the inflationary impact of Kwarteng's tax cuts. He said the new date for his medium-term fiscal statement would give the independent Office For Budget Responsibility enough time to carry out a full forecast.
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