The Financial Times reported on Tuesday that as an effort to stabilize the British economy the Bank of England plans to delay the sales of billions of pounds of government bonds. This attempt is a consequence of the failed “mini” budget introduced by the recent PM of England.
The scheme which was to begin at the beginning of October has now been pushed back to Oct 31. The BOE had planned to begin the sale of its 838 billion pounds ($954.90 billion) of government bond holdings.
On Tuesday morning, the sterling pound rose slightly against the greenback. GBP traded at $1.1353.
Moreover, news from other parts of Europe also showed economic turmoil as union trades in France begins to go on strike. The strike is based on demands for increased wages which has been instigated by the increase in inflation.
The workers have demanded a 10% increase in their pay for which the oil company has currently increased to a 7% raise.
The impact of the strike will be felt most in the public sector including the education sector, and transportation. The strike which began in the fuel depots has been hindered by the government forcing workers to go back to work.