🔴 Liz Truss ally Sir John Redwood blames central banks for upsetting markets
was forced to restart buying up Government debt in the face of a potential collapse of pension funds as investors fled UK bonds and gilts. Mortgage costs are set to soar as the expectation grows that the Bank will have to increase interest rates to reassure investors.
Central banks around the world bought up large stocks of debt to pump cash into economies in danger of collapsing as credit dried up in the global financial crash in 2008. Some blame the US Federal Reserve’s decision to start selling off its huge stocks of government debt for destabilising the market.on the eve of the mini-Budget, Sir John urged his colleagues to study what was happening over so-called “quantitative tightening” and not be “too ideological”.
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