The Bank of England decided to intervene in the government bond market to reduce any risks from contagion to credit conditions for the real economy, following the chaos developed in the currency and gilt markets after the government's massive tax cuts announced in the 'mini-budget' last Friday.
The UK government also came under pressure from the International Monetary Fund that in a rare move, voiced criticism against the tax cuts and the fiscal package.
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by Renju Jaya
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