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AP National Business

Bank of England expands push to stabilize financial markets

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Published 1:35 AM

By DANICA KIRKA
Associated Press

LONDON (AP) — The Bank of England has expanded its emergency effort to stabilize the financial markets amid concerns the government’s plan to slash taxes pose a “material risk” to Britain’s fiscal stability. The central bank said Tuesday that it will now buy inflation-linked securities that offer protection from inflation as well as conventional government bonds as it seeks to “restore orderly conditions” in the market. The bank says purchases will total up to 10 billion pounds, or $11 billion, a day split evenly between both types of bonds. The program expanded after yields on government bonds jumped again Monday. Bank of England Governor Andrew Bailey says the purchases will end Friday as originally planned.

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