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AP National Business

UK markets roiled after bank rules out extending help

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Published 1:41 AM

By JILL LAWLESS and DANICA KIRKA
Associated Press

LONDON (AP) — Britain’s economy is facing new shocks after the Bank of England ruled out extending an emergency debt-buying plan designed to stabilize financial markets. Prime Minister Liz Truss on Wednesday came under more pressure from her Conservative Party to abandon the tax-cutting economic package that sparked the market instability. Her Conservative government is trying to blame the independent central bank for the U.K.’s economic turmoil. Bank governor Andrew Bailey said the debt-buying scheme will end on Friday as scheduled. The pound fell by almost 1% after he spoke, and the yield on British government bonds rose. The central bank stepped in after the government on Sept. 23 announced plans for 45 billion pounds ($50 billion) in unfunded tax cuts.

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