For the third time in a fortnight, the Bank of England has bought government bonds to calm financial markets
For the third time in a fortnight, the Bank of England has deployed billions of pounds to buy government bonds and calm financial markets.
The mini-budget on 23 September led to panic selling by pension funds, causing them to dump government bonds to raise money. The rout spooked foreign investors, and the Bank is now struggling to bring order back to the markets, despite spending £3.3bn on Tuesday in its single biggest daily intervention since the turmoil began.
