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Bank of England prepares emergency intervention as pound slumps to all-time low

By James Warrington,Tom Rees, and Matt Oliver
The Telegraph, London
Monday, September 26, 2022

The Bank of England is understood to be preparing an intervention after the pound crashed to an all-time low against the dollar.

The Bank is expected to issue a statement as soon as today amid mounting pressure on Governor Andrew Bailey for an intervention to help shore up the economy.

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This could be a verbal intervention to calm markets or, in a more extreme case, an unscheduled increase in interest rates – which were raised to 2.25pc just last week.

It is understood that a statement today is probable, but not definite. The Bank declined to comment on the nature of any intervention.

The possible intervention comes amid market turmoil after Chancellor Kwasi Kwarteng last week unveiled the biggest package of tax cuts in 50 years and hinted at more to come. ...

... For the remainder of the report:

https://www.telegraph.co.uk/business/2022/09/26/sterlingpound-dollar-markets-live-news-tax-economy-ftse-100/

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