UK

Analysis: Underwater: how the Bank of England threw a lifeline to the markets

Analysis: Underwater: how the Bank of England threw a lifeline to the markets

The Bank of England bought bonds after demands from pension funds Some UK pension funds have faced problematic margin calls BoE support seen as window to post collateral UK government’s unfunded tax plan spooked markets LONDON/NEW YORK, Oct 2 (Reuters) – Calls to the Bank of England that some British pension funds were struggling to …

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Larry Summers warns that global economic risk is approaching pre-Great Recession levels

Larry Summers warns that global economic risk is approaching pre-Great Recession levels

The current level of risk in global markets is reminiscent of conditions seen in 2007 before the Great Recession, former Treasury Secretary Larry Summers warned Thursday. Summers detailed his concerns a day after the Bank of England was forced to intervene to stabilize the UK’s cratering economy – an event some saw as a potential …

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The UK is grappling with an economic crisis of its own making |  CNN Business

The UK is grappling with an economic crisis of its own making | CNN Business

London CNN Business — A week ago, the Bank of England took a hit in the dark. He raised interest rates by a relatively modest half a percentage point to fight inflation. He couldn’t know the magnitude of the storm that was about to break. Less than 24 hours later, the government of new British …

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Erdogan says Turkey will continue to cut interest rates, mocks sterling

Erdogan says Turkey will continue to cut interest rates, mocks sterling

Turkish President Tayyip Erdogan addresses members of his ruling AK Party (AKP) during a meeting at parliament in Ankara, Turkey, May 18, 2022. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS THIS IMAGE A PROVIDED BY A THIRD PARTY. NO RESALE. NO ARCHIVES. COMPULSORY CREDIT Murat Cetinmuhurdar Reuters Turkey will continue to cut interest rates, its President …

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Tough 'orthodoxy', Kwarteng clings on after UK market rout

Tough ‘orthodoxy’, Kwarteng clings on after UK market rout

After weeks of hard work, UK finance minister under fire for tax cuts Truss backs a key ally, but some question his future Kwarteng fired key manager, with no budget forecast LONDON, Sept 29 (Reuters) – As Britain’s new finance minister, Kwasi Kwarteng was hoping to unravel Finance Ministry groupthink that he and new Prime …

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Freefalling markets get a good dose of cold from the Bank of England |  CNN Business

Freefalling markets get a good dose of cold from the Bank of England | CNN Business

This story is part of CNN Business’ Nightcap newsletter. To receive it in your inbox, subscribe for free, here. New York CNN Business — All the UK government drama is keeping me from catching up on the only UK drama I really want to consume, which is Love Island season 8, which I still haven’t …

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UK market rout stokes contagion fears around the world

UK market rout stokes contagion fears around the world

NEW YORK/LONDON, Sept 28 (Reuters) – The scale and speed of the sale of British assets has rattled global markets, raising concerns about contagion as chaos in a major developed economy adds to the already malaise generated by the sharp rise in interest rates in the United States and elsewhere. After Friday’s UK mini-budget, which …

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Column: Fed neutral rate forecast nods to 'transitional' pivot

Column: Fed neutral rate forecast nods to ‘transitional’ pivot

ORLANDO, Fla., Sept 28 (Reuters) – Investors are scared and bond markets tumble as hopes of a Federal Reserve pivot evaporate and the amount of easing next year priced in to the US interest rate futures curve narrows to less than 25 basis points. The Fed is embarking on its most aggressive policy tightening campaign …

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IMF criticizes UK policy, Bank of England to make big response

IMF criticizes UK policy, Bank of England to make big response

Proposals likely to increase inequality, says IMF BoE pill says ‘significant’ response likely Economists and leaders call for a political reversal The pound is recovering slightly, up 0.4% on the day LONDON, Sept 27 (Reuters) – The International Monetary Fund on Tuesday openly criticized Britain’s new economic strategy, following a further slump in bond markets …

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