Pension funds call for longer bailout as Bank of England is set to pull the plug on emergency £65 billion bond-buying scheme to tackle market chaos
- The intervention from the bank is due to end on Friday after being extended
- It originally said it would buy up to £65billion of bonds, and £5billion a day
- Pension funds are said to be worried with a large amount of ‘nervousness’ about
Pension funds are bracing themselves for the Bank of England to pull the plug today on a £65billion bailout designed to protect them from bond market chaos.
The Bank stepped in with the emergency help two weeks ago after a sell-off in government bonds, known as gilts, left the retirement schemes scrambling for cash.
It said it would buy £5billion in bonds a day – since beefed up to £10billion.
The intervention is due to end today, but some funds have been asking for more time to sort out their finances.