Bank of England launches emergency action after government tax-cutting sparks fall in pound

Liz Truss and Kwasi Kwarteng are under pressure after the Bank of England launched an emergency UK government bond-buying programme to stop borrowing costs from spiraling out of control.

The Bank is stepping in to buy up to £65bn worth of government bonds - known as gilts - urgently, following the chancellor’s mini-budget that sent the pound tumbling and prompted a sell-off in the gilts market.

“Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability,” the Bank said in a statement.

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