The pound has fallen against the US dollar again after Andrew Bailey, the Bank of England governor, warned that the emergency support package for the markets would end on Friday
has reported that the central bank has privately told investors that it could extend its emergency bond-buying operation, despite Mr Bailey’s blunt statement that it would end on Friday.sources, BoE representatives told some lenders it would continue the scheme beyond 14 October if necessary.
Christian Kopf, head of fixed income at German firm Union Investment, said the mini-Budget was “absolutely” to blame for the market turmoil as he called for clarification from the Government about its unfunded tax cuts.programme this morning: “We have a meeting today of the Bank of England financial policy committee, we’ll see what comes out of that meeting, and whether what we heard yesterday is really the last word or whether the Bank of England will continue its purchase beyond Friday.
The Pensions and Lifetime Savings Association, which represents the industry, had welcomed the Bank’s latest intervention, but warned against ending it “too soon”. It suggested it should be extended at least until 31 October – when Mr Kwarteng is due to explain how he intends to get the public finances back on track, or “additional measures should be put in place to manage market volatility”.
Nigel Peaple, director of policy & research at the Pensions and Lifetime Savings Association, told the: “We don’t think it makes sense for the bank to withdraw its gilt- purchasing facility on Friday, and we think it would make more sense to carry on at least until the government’s next fiscal event at the end of October.”
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