Emergency action by Bank of England amid UK economic turmoil

Emergency action by bank of england amid uk economic turmoil

Channel 4 News published this video item, entitled “Emergency action by Bank of England amid UK economic turmoil” – below is their description.

As the economic storm clouds over the UK darkened further still, the Bank of England today staged a dramatic intervention – saying it will start buying up government debt in an effort to stabilise markets and protect pension funds.

The surging cost of borrowing, sparked last week by the Chancellor’s tax-cutting plans, had earlier drawn a stinging rebuke from the IMF – but the government says it’s sticking to its guns, although departments will be asked to identify ‘spending efficiencies’.

Labour says parliament should be recalled so the prime minister is held to account over the crisis.

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About This Source - Channel 4 News

Channel 4 News is the news programme from UK Channel 4 television. Channel 4 is a British public-service free-to-air television network headquartered in Leeds, United Kingdom. The channel was established in 1982 to provide a fourth television service to the United Kingdom in addition to the licence-funded BBC One and BBC Two, and the single commercial broadcasting network ITV.

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In This Story: Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government’s banker, and still one of the bankers for the Government of the United Kingdom, it is the world’s eighth-oldest bank.

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