The UK's recent market turmoil wasn't caused by the mini-budget, …

Oct 12, 2022 · The UK's recent market turmoil wasn't caused by the mini-budget, and the chaos was a result of interest rate 'differentials', Britain's business secretary says Carla Mozée …

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How Much Market Chaos Did The Mini-budget Cause? - BBC News

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Oct 17, 2022 · The mini-budget of 23 September - included £45bn of unfunded tax cuts - and was followed by days of turmoil on the markets, a fall in the value of the pound and rises in the cost …

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The UK's Recent Market Turmoil Wasn't Caused By The Mini-budget, …

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Oct 12, 2022 · The UK's key rate of 2.25% is less than the US fed funds rate and that gap is the source of market turbulence, Jacob Rees-Mogg told BBC Radio 4.

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Rees Mogg Argues That Market Turmoil Has Not Been Caused By …

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Oct 12, 2022 · The opinions in Politics.co.uk's Comment section are those of the author. With figures out this morning showing an unexpected contraction in UK GDP of 0.3% in August, the …

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The Inside Story Of The Mini-budget Disaster - BBC News

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Sep 24, 2023 · In the mini-budget, as soon as the government revealed it needed an extra £72bn in funding from the markets - without details of how it calculated the number - the market …

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Mini-budget: Why Financial Markets Have Been Spooked By The …

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Sep 23, 2022 · The yield (an implied borrowing cost for the government) on 10-year gilts, which was 3.495% at the close of business on Thursday evening surged to as much as 3.842% at …

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FAQs about The UK's recent market turmoil wasn't caused by the mini-budget, … Coupon?

Is the mini-budget a 'particular UK issue'?

Mr Bailey suggested the chaos that followed the mini-budget was a “particular UK issue”, rather than the result of global shocks. He also argued former business secretary Jacob Rees-Mogg was “wrong” to blame the turmoil in the markets partly on the Bank’s failure to raise interest rates. ...

Why did the bank of England take a mini-budget?

Governor Andrew Bailey said the Bank of England's actions were taken to ensure financial stability. In the mini-budget, as soon as the government revealed it needed an extra £72bn in funding from the markets - without details of how it calculated the number - the market reacted badly. It simply did not believe the plans. ...

Will the government reverse the mini-budget?

Senior Conservative government figures ruled out any reversal of the poorly received mini-budget, denying it had an impact on market turmoil. The government has ruled out a U-turn on the costly tax-cutting mini-budget and the chancellor will not resign despite mounting pressure. ...

What happened in the mini-budget of 23 September?

The mini-budget of 23 September - included £45bn of unfunded tax cuts - and was followed by days of turmoil on the markets, a fall in the value of the pound and rises in the cost of UK government borrowing and mortgage rates. ...

What happened before the mini-budget?

In the days before the mini-Budget, they stood at about 3.8 per cent. Before Wednesday’s injection of relative calm, huge shifts in bond prices were leaving analysts and investors bewildered. “The moves in long-end yields were nothing short of incredible; the gilt market was in freefall,” said Daniela Russell, head of UK rates strategy at HSBC. ...

Did the mini-budget'misread' the country's financial situation?

Gerard Lyons, an economist who advised Ms Truss and Mr Kwarteng during the leadership contest, speaking on the BBC's World at One programme admitted that the mini-budget "misread" the country's financial situation. ...