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Bank of England and Treasury in Two-pronged Attempt to Calm Markets
Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown:
‘’With the pound remaining weak and government borrowing costs inching up again towards worrying levels, the UK government and the Bank of England have launched a two pronged attempt to calm markets. Policymakers and politicians are clearly nervous about seeing a repeat of the mini-financial crisis unleashed following the presentation of the Truss administration’s slash and spend plans and fresh moves are being made to try and repair the damage.
Chancellor Kwasi Kwarteng is now bringing forward his medium term fiscal plan and the publication of the independent analysis from the Office of Budget responsibility to the 31st of October. This is aimed at reassuring investors that the big tax cuts plans are costed and won’t see debt rise to unmanageable levels. Meanwhile the Bank of England’s showing its mettle by doubling down on its bond buying scheme, pledging to purchase up to £10 billion a day to prevent fresh problems for pension schemes in particular. So far though it’s not moved the dial much. The pound is still hovering around $1.10 and government borrowing costs have edged up again slightly, with 10 year gilt yields now at 4.3% and 30 year yields around 4.48%. What the Bank of England wants to avoid is a fresh round of collateral calls on pension funds’ liability driven investment strategies and the risk of wider contagion.
It’s clear there is still much scepticism about the government’s plans just as Kwasi Kwarteng prepares to head to the International Monetary Fund’s annual conference where his policies are set for fresh scrutiny. All eyes will be on the independent assessment of his spending plans, and the risk is that if the numbers don’t add up, the markets could take fright again on Halloween.’’
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