Displaying items by tag: Bank pof England

The Chancellor’s biggest tax package in fifty years has sparked fears within businesses and banking. Also, in an unusually outspoken statement, the IMF (which works to stabilise the global economy, and also funds countries in need of economic rescue) has openly criticised the tax cuts plans, warning that they will likely fuel the cost-of-living crisis by increasing inequality and pushing up prices. While the Government said the measures will kickstart economic growth, markets are raising alarms, plunging the pound to a record low of $1.03 on 26 September. Christians Against Poverty (CAP) says the government's 'short term' economic policy will tip millions more into poverty, and former Bank of England governor Mark Carney accused the Government of ‘undercutting’ key economic institutions. The bank will now buy £65bn government bonds to try to protect pensions.