Bank of England rules out emergency rate rise as Treasury lines up new fiscal plan

Attempt to calm markets

The Treasury and the Bank of England have both attempted to calm markets today (26 September), after the collapse of the pound and mass-sell off of gilts that followed the government’s Mini Budget on Friday.

Bank of England governor Andrew Bailey said that it will not "hesitate to change interest rates as necessary", while stating that there would not be an emergency Monetary Policy Committee meeting to change rates. Meanwhile, Chancellor Kwasi Kwarteng said he will lay out a Medium-Term Fiscal Plan on 23 November, as markets have been calling for the government or the BoE to take action to prevent further economic turmoil. The Treasury said that Kwarteng will reveal a fiscal plan which will "set out further details on the government's fiscal rules, including ensuring that debt falls as a...