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Liz Truss is facing a growing Tory rebellion over the economy, which one MP described as “extinction-level stuff”. Conservative MP Simon Hoare described it as “inept madness”. He said: “These are not circumstances beyond the control of Govt/Treasury.
“They were authored there. This inept madness cannot go on.”
Another Tory MP told the Guardian: “It’s extinction level stuff. This is like 2008 but worse.
“We’re messing with the very fundamental principle of providing a home for your family. That’s why it’s different: it’s real stuff”.
Another MP told Sky: “It is actually incredible that the UK central bank has had to step in to protect the UK from the actions of the UK’s own government!
“I mean, just think of that for a moment! A humiliation”.
It will start buying bonds in order to stabilise what it described as “dysfunctional markets”.
The BoE said: “Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability.”
It didn’t say how big the purchases would be but said they will be carried out on “whatever scale is necessary”.
This comes after the Chancellor’s mini-budget caused chaos in the economy, with the pound falling to a record low against the dollar earlier this week.
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