The pound has plummeted again after Bank of England boss Andrew Bailey insisted he will not extend emergency support for pension funds.
High-street banks called in for 'crisis talks' with Chancellor amid warning of ‘eye-watering’ mortgage increases
But Mr Bailey stressed that the programme was part of financial stability operations, not a monetary policy tool, and had to be temporary as it risked clashing with its obligations to control inflation. Pension funds, which are big holders of UK government debt and index-linked bonds, suffered sharp falls in bond prices after the mini-budget, forcing many private pension funds to try to raise extra cash by selling bonds.
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