The Bank of England has been forced to apply “plasters on the financial wounds created by the government” after announcing it was launching an emergency UK Government bond-buying programme in efforts to calm financial markets, experts have said (Yui Mok/ PA)
(Picture: PA Wire)The Bank of England has announced emergency action to try to stabilise markets, in the wake of the crisis caused by the Chancellor’s mini budget announcement last Friday.
It aims to buy back billions of pounds of Government debt, to try to stabilise financial markets.
It revealed plans to buy as many long-dated government bonds as needed between now and the 14th October.
The Bank of England stressed that it was also trying to protect households and businesses, who face spiralling mortgage and borrowing costs.
The Evening Standard’s economic expert Stephen King explains the situation in layman’s terms.
Meanwhile the Labour party is hoping Keir Starmer’s proposal for a publicly-owned energy company will secure them more support.
He’s proposed creating a Great British Energy Company focussed on green energy such as wind, solar and tidal power.
Dr Aidan O’Sullivan an Associate Professor in Energy and AI at University College London tells us whether Keir Starmer’s plans for a Great British Energy Company are feasible.
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