Independent Front Page 27th of September 2022
According to The Independent, the Bank of England has said it will not hesitate to raise interest rates “as much as needed” after the pound plummeted following the chancellor’s mini-Budget.
According to The Independent, the Bank of England has said it will not hesitate to raise interest rates “as much as needed” after the pound plummeted following the chancellor’s mini-Budget.
Following Britain’s biggest mortgage lenders withdrawing fixed rate deals following the plunge in the pound, the Bank of England said it “will not hesitate” to raise interest rates.
A number of lenders have withdrawn mortgage deals as a result of the mini-Budget, according to The Daily Telegraph, anticipating a Bank of England rate increase to counter the turmoil facing the pound.
Daily Mail reports that speculators profiting from the plunging pound have sparked fury, despite the Treasury moving to reassure the markets.
After just three weeks in office, Chancellor Kwasi Kwarteng is alleged to have messed up the economy.
According to the Daily Mirror, the chancellor’s tax cuts plunged markets into chaos, causing further misery for millions of households.
The Daily Express, with the headline: ‘Don’t panic,’ reports that Chancellor Kwasi Kwarteng shrugged off Monday’s financial market jitters with a vow to lay out his debt-reduction plan.
Metro reports that Britain’s economy has entered a new crisis as the value of sterling has fallen sharply amid fears Kwasi Kwarteng will borrow £45bn and cause ‘unsustainable’ debt.
As investors fret over the sustainability of public finances, the Bank of England and Treasury have rushed to calm market turbulence after the pound hit an all-time low against the dollar.