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in Economy

Mini-budget caused ‘full-scale liquidation event’ for pension funds; UK inflation hits 10.1% – business live

by Editor October 19, 2022, 3:59 pm 1.6k Views

Mini-budget caused ‘full-scale liquidation event’ for pension funds

Pension funds were on the phone shouting to the Bank of England within two working days of the mini-budget as they battled against a ‘full scale liquidation event’, MPs have heard.

Andrew Hauser, the Bank’s Executive Director for Markets, tells the Treasury committee that the situation moved fast, and that investment managers reacted with growing alarm.