The Bank of England has said it will further bolster its emergency bond-buying plan.
It warned an ongoing rout in the gilts market poses a ‘material risk to UK financial stability’.
This morning Deputy Prime Minister Therese Coffey insisted the UK’s public finances are in a ‘good state’ after the Institute for Fiscal Studies warned £60 billion spending cuts would be needed to get finances under control.
Ms Coffey denied that Chancellor Kwasi Kwarteng brought his medium-term fiscal plan forward because the markets were spooked.
She told Sky News: ‘I think he decided we’re in a good state and we’ll continue to discuss this across Government and with Parliament over the few weeks ahead.’
Ms Coffey was not aware of the Bank of England’s fresh action at the time she gave her interview.
This is a breaking news story, more to follow soon… Check back shortly for further updates.
Got a story? Get in touch with our news team by emailing us at [email protected] Or you can submit your videos and pictures here.
For more stories like this, check our news page.
Follow Metro.co.uk on Twitter and Facebook for the latest news updates. You can now also get Metro.co.uk articles sent straight to your device. Sign up for our daily push alerts here.
Source: Read Full Article