UK economy shrinks as Bank warns help to end in days
The boss of the Bank of England says a bond-buying scheme to stabilise pension funds must end on Friday.
The scheme must end for the sake of UK financial stability, Andrew Bailey tells BBC News.
Earlier the Bank of England made a fresh move to buy bonds – basically government debt – to try to calm markets.
Bailey tells the BBC: “We are doing everything to preserve financial stability, you have my assurance on that.”
But he says pension funds have “an important task” to ensure they are resilient.
“I’m afraid this has to be done, for the sake of financial stability,” he says.
The boss of the Bank of England says a bond-buying scheme to stabilise pension funds must end on Friday .
The scheme must end for the sake of UK financial stability , Andrew Bailey tells BBC News .
Earlier the Bank of England made a fresh move to buy bonds – basically government debt – to try to calm markets .
Bailey tells the BBC: “We are doing everything to preserve financial stability , you have my assurance on that.”
But he says pension funds have “an important task” to ensure they are resilient.
“I’m afraid this has to be done, for the sake of financial stability ,” he says.
• Read more: Bank of England boss tells investors pensions help must end
