Sterling faces tough session; Euro falls against the Dollar; USD gains on yen
The Bank of England’s dramatic intervention yesterday provided a modicum of support for Sterling
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Bank of England intervention prevented mass insolvencies of pension funds - Sky
The Bank were responding to a “run dynamic” on pension funds – a wholesale equivalent of the run which destroyed Northern Rock according to Sky's Ed Conway.
FIVE at FIVE: Bank of England intervention; Recall Parliament, says Starmer; Porsche IPO; UK house price slump
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Kwarteng tells investment banks he remains committed to fiscal discipline
The meeting with executives from the investment banking sector, is part of a series of roundtables ahead of the chancellor’s financial services deregulatory package next month.
Sterling to be sacrificed to ensure lower interest rates
Samuel Tombs at Pantheon Macroeconomics suggested that sterling will fall further as the Bank of England looks to keep interest rates lower than currently predicted.
Starmer calls for Parliament to be recalled after Bank's intervention
A decision to recall Parliament is a decision for the Prime Minister alone and 24 hours notice is required so the earliest the House of Commons could meet is Friday.
UK enters crisis territory as Bank intervenes to address financial turmoil
One City source told Sky’s Sam Coates “it’s hard to overstate how serious the situation is today. There is concern over the health of pension funds and this is why the Bank of England has acted.”
IMF and Moody's pile further pressure on beleagured Chancellor
In rare public criticism of a leading global economy, the Washington-based fund said Kwasi Kwarteng’s fiscal statement risked undermining the efforts of the Bank of England to tackle rising inflation amid the cost of living crisis.
Bank of England steps in to gilt market after post-budget meltdown
Emergency purchases of long-date gilts will be carried out "on whatever scale is necessary" to restore orderly conditions, Threadneedle Street said
‘Significant’ rate rise likely as GBP/USD heads towards parity
“GBP looks very negative and will likely hit parity before Christmas,” James Penny, chief investment officer at TAM Asset Management, said
Sterling in crisis mode; Euro under parity; Dollar leads to G10 pack
Despite some incremental gains, GBP/USD remains at historic lows, but is the Dollar at risk of unwinding?
King Charles III cypher revealed, but what else will change?
Designed by the College of Arms, which was founded in 1484, the new cypher features the letter ‘C’ for Charles intertwined with ‘R’ for Rex, Latin for King, with ‘III’, for King Charles III, with a crown above the letters
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Fuller Treacy Comment of the Day - Keep Calm and Carry On?
Comment of the DayVideo commentary for September 26th 2022A link to today's video commentary is posted in the Subscriber's Area. Some of the topics discussed include: Pound rebounds from intraday low but Gilt yields close at their highs, pr
UK lenders pull new mortgages from market due to market chaos following Budget
Rising interest rate expectations have driven a sell-off in gilts, which results in higher gilt yields and feeds through into the rates that drive the fixed-rate mortgage market
FTSE 100 slips at the close to finish below 7,000 points
The FTSE 100 fell below 7,000 points in a reversal of fortune at the closing bell
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Emergency rate rise on the cards but will politics trump over economics
Markets are pricing in an emergency interest rate increase but political pressures may yet overcome economic theory.
FIVE at FIVE: Kwarteng’s mini-budget; Lloyds’ windfall risk; North Sea oil stocks; ITM Power’s share slump
Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news
Mini-Budget: Chancellor cuts top rate of income tax, holds corporation tax, tweaks planning and duties
Kwasi Kwarteng reportedly intends to set an official target of raising real GDP growth to 2.5% a year, after the Bank of England said yesterday the economy is already in recession
Bank of England says recession may have already started
But with policymakers hiking interest rates less than some expected, this suggests that on balance they think a deep recession may be avoided
Mortgage payments to jump by £600 for some homes as BoE hikes interest rates to 2.25%
It was the seventh consecutive rise as the MPC tries to offset high prices and return to the BoE’s 2% target inflation level, with it currently at 9.9%