Bank of England boss tells investors pensions help must end
The giant market funds that had applied financial wizardry to the normal boring world of pension funds have three days more of support, before having to “get it done” he said, dashing hopes of an extension.
Afterwards, approached by BBC News about them and their impact on the pound, the governor reassured people and pensioners, but went out of his way to say the City giants now had to arrange their affairs.
“It’s not a fantastically good thing for pension funds to be furiously selling assets over a two-week period, so it’s perfectly possible, although a lot has been done, that more help will be needed from the Bank on Friday,” he told BBC Radio 4’s The World Tonight, adding: “We are in uncharted territory”.
The giant market funds that had applied financial wizardry to the normal boring world of pension funds have three days more of support, before having to “get it done” he said, dashing hopes of an extension.Afterwards, approached by BBC News about them and their impact on the pound, the governor reassured people and pensioners, but went out of his way to say the City giants now had to arrange their affairs.”It’s not a fantastically good thing for pension funds to be furiously selling assets over a two-week period, so it’s perfectly possible, although a lot has been done, that more help will be needed from the Bank on Friday ,” he told BBC Radio 4’s The World Tonight, adding: “We are in uncharted territory “.
