The Bank has stepped in again to try to calm markets after warning of 'material risk to UK financial stability'.
The Bank of England has warned of a "material risk" to financial stability as it made a fresh emergency move to try to calm investors.Its emergency scheme started after September's mini-budget, which spooked markets and drove up borrowing costs.
The chancellor promised billions of pounds of tax cuts in his mini-budget without explaining how he would pay for them. Since then, the government has come under huge pressure from the markets and its own MPs to change course. It has already U-turned on a promise to cut the top rate of income tax. The chancellor will take questions from MPs in the Commons this afternoon for the first time since being appointed.On Tuesday, the Institute for Fiscal Studies think tank warned that Mr Kwarteng would have to make "big and painful cuts" of up to £60bn to balance the books when he announces his economic plan on 31 October.
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