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Sky News
Pension funds would have faced ‘mass defaults’ today without BoE action
The Bank of England’s dramatic intervention today was in response to a “run dynamic” emerging in the British pensions system which could have resulted in the collapse of a swathe of institutions within hours, Sky News understands.Bank staff worked through the night on Tuesday and into Wednesday morning to prepare the unprecedented package, which will …
Business
Sky News
What are bonds, how are they different to gilts and where do they fit in the mini-budget crisis?
The Bank of England has made the very unusual move of buying ‘long-dated gilts’ to restore stability after Liz Truss and Kwasi Kwarteng’s mini-budget sent the markets plummeting.Long-dated gilts are a type of government bond that make up a large proportion of pension pots. Pension funds would have collapsed -follow economy latestHave we lost you? …
Business
Sky News
Bank’s extraordinary response to government policy is almost unthinkable | Ed Conway
This is an extraordinary moment.We’ll get to the details in a moment but before we do let’s not lose sight of the big picture. The Bank of England has just stepped in to fix a part of the financial market which had broken following the government’s mini-budget last Friday.It has intervened – not with interest …
Business
Business Live
From ‘pandemic winner’ to investors ‘crying into their cornflakes’: Analysts on Boohoo’s changing fortunes
Analysts have reacted to the “disappointing” half-year results published by fashion giant Boohoo this morning. The Manchester-headquartered group, which also includes the PrettyLittleThing and Karen Millen brands, made a pre-tax loss of £15.2m for the six months to August 31, 2022, compared to a £24.6m profit during the same period in 2021. Boohoo also reported …
Business
Evening Standard
Lego sales surge but profits held back by rising costs
Danish toy giant Lego has notched up a double-digit hike in half-year sales, but saw profits slip back due to rising costs.The group reported pre-tax profits dropping 2% to 7.9 billion Danish kroner (£949 million) in the first six months of the year as it faced higher costs for raw materials, energy and freight.But it …
Business
Evening Standard
Royal Mail workers to stage 19 further strikes over next two months
Royal Mail workers are to stage a further 19 strikes in the next two months in a deteriorating dispute over pay and conditions.The Communication Workers Union announced that the action in October and November will be a mixture of single days and rolling action across Royal Mail Group’s network.The union said it will have a …
Business
Evening Standard
Big-name high street stocks caught in market turmoil as UK warned of economic ‘doom loop’
The pound resumed its slump and shares tumbled today as some forecasters warned of a “doom loop” that could further hit Britain’s sagging economy.Yesterday markets were relatively calm. Today they resumed their sell-off of UK assets.The FTSE 100 fell 129 points to 855.75, with banks and retailers the worst hit.A billion pounds in market value …
Business
Sky News
Bank of England takes emergency action to prevent ‘material risk’ to UK financial stability
The Bank of England has launched a temporary bond-buying programme as it takes emergency action to prevent “material risk” to UK financial stability.It revealed that it would buy as many long-dated government bonds as needed between now and 14 October in a bid to stabilise financial markets in the wake of the mayhem that followed …
Business
Sky News
Mini-budget U-turn ruled out despite Bank of England’s emergency action
The government has ruled out a U-turn on the costly tax-cutting mini-budget and the chancellor will not resign despite mounting pressure. It comes after a day in which the Bank of England was forced to launch a temporary bond-buying programme as it took emergency action to prevent “material risk” to UK financial stability. Bank’s ‘nearly …
Business
Business Live
Pharmaceuticals firm Vectura gets green light for £58m Bristol facility
Plans to build a £58m “world-leading” science facility on the outskirts of Bristol have been approved. Wiltshire-based pharmaceuticals firm Vectura, which specialises in respiratory medicines and inhaler devices, has been given the go-ahead by South Gloucestershire Council for a new 10,000 m sq facility based at Bristol & Bath Science Park. Vectura said its “Inhalation …
Business
Business Live
£6m care centre construction project underway in Scunthorpe
Construction has started on a new £6 million multi-purpose short-break care centre in Scunthorpe. The facility, for North Lincolnshire Council and backed by the Department for Education, is designed to support local young people who have complex disabilities, and their families, by offering access to opportunities and bespoke support. Hull-based Hobson and Porter is delivering …
Business
Business Live
‘It’s a chance to tell our city’s story’: How hosting Eurovision could boost Liverpool’s economy
Hosting the Eurovision Song Contest next year could have a major impact on Liverpool’s economy, experts have said. The city is battling it out with Glasgow for the right to hold the next edition after making the final two, seeing off competition from Birmingham, Leeds, Newcastle, Sheffield and Manchester. Ukrainian entry Kalush Orchestra triumphed at …

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