While the Bank of England intervention eased fears of an immediate crisis, fund managers, pension experts, and analysts say Britain is far from out of the woods.
Chris Philp, chief secretary to the UK Treasury, said on Thursday, September 29, he disagreed with the IMF’s concerns about the government’s tax-cutting budget, saying it would lead to long-term economic growth.
“By Wednesday morning, we were saying this is a systemic problem. We were on the brink. It was like 2008 but on steroids because it happened so fast,” the fund manager added. The massive stress on a major economy’s financial system made global waves, with even safe-haven US Treasuries and top-rated German bonds hit. Atlanta Fed President Raphael Bostic on Monday warned events in Britain could lead to greater economic stress in Europe and the United States.
Britain’s central bank is now in the unenviable position of having postponed its plan to sell bonds, resulting in monetary loosening, and at the same timeIn November, it is expected to raise rates further and it has said it will stick to a plan to sell its bonds.
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