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Andrew Bailey dashed the hopes of pension funds on Tuesday, ruling out continuing the Bank of England’s £65bn bond-buying intervention into next week. The BoE governor said that although strains had been felt, market conditions in the government bonds “seemed calmer” on Tuesday after it had staged its second emergency intervention in two days. “We’ve
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An explosion tore through Russia’s bridge across the Kerch Strait to Crimea early on Saturday, killing at least three people and severely damaging its structure in a major blow to Vladimir Putin more than seven months into his invasion of Ukraine. Russia’s anti-terrorist committee said a truck exploded on the bridge’s roadside in the early
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Liz Truss has overruled her chancellor and insisted the UK should not set a limit on the number of applications for low-tax investment zones despite internal Treasury concerns the projects could cost billions of pounds in lost taxes. The flagship policy designed to turbocharge UK investment is a key plank of Truss’s “dash for growth”
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The White House has accused Opec+ of aligning with Russia after Saudi Arabia led the group in agreeing deep oil production cuts, prompting a backlash from countries already battling surging energy inflation triggered by Moscow’s invasion of Ukraine. The Opec+ group said it would reduce production targets by 2mn barrels a day, equivalent to 2
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Liz Truss will on Wednesday attempt to rally Conservative MPs behind her faltering leadership, at a party conference that has descended into acrimony, cabinet infighting and confusion. Truss, who has been prime minister for less than a month, will urge her party in a brief 30-minute speech to unite behind her tax-cutting economic policy, which
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The Bank of England took emergency action on Wednesday to avoid a meltdown in the UK pensions sector, unleashing a £65bn bond-buying programme to stem a crisis in government debt markets. The central bank warned of a “material risk to UK financial stability” from turmoil in the gilts market sparked by chancellor Kwasi Kwarteng’s tax
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