The Bank of England has stepped in to buy UK government bonds to shore up market confidence after Britain's heavily criticised budget to fight inflation. "The purpose of these purchases will be to restore orderly market conditions," a BoE statement said regarding its temporary buying of long-dated bonds. It followed a statement from the International Monetary Fund that criticised the UK-s tax-cut plan as risky and "likely to increase inequality". Britain defended its tax-slashing budget after the IMF argued it could also worsen inflation, having already seen the pound hit a record low against the dollar. Finance minister Kwasi Kwarteng's big tax cuts and energy price freeze, aimed at boosting the recession-threatened economy, appeared to have the opposite effect as traders warned of ballooning debt to pay for the incentives. Credit ratings agency Moody's entered the debate overnight with a warning about the debt impact. Critics added that Kwarteng's measures would benefit the rich far more than the poorest, as millions of Britons suffer from a cost-of-living crisis. "We have acted at speed to protect households and businesses through this winter and the next, following the...
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