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The Bank of England has confirmed its emergency bond-buying programme will end on Friday as planned after reports suggested it might extend the support for pension funds.

On Wednesday morning, it said all temporary and targeted purchases of UK government bonds, known as gilts, will end.

This has been the position throughout and has been “made absolutely clear in contact with the banks at senior levels”, the statement said.

The Bank’s emergency, 13 day, bond buying programme was started to avoid “dysfunction” in the pension market spreading UK households and businesses.

The action is aimed at tackling the consequences of rising interest rates on government bonds, which increased the cost of holding the bonds and resulted in pension funds facing a liquidity crunch.

There had been earlier suggestions the Bank of England could backtrack, however, and extend the bond buying beyond the 13 day cut off on Friday.

The Financial Times had reported the Bank has been privately telling those working in pension funds that it could extend its bond-buying programme beyond Friday.

This came despite the governor, Andrew Bailey, firmly stating pension funds had “three days left… to get this done” at an event in Washington on Tuesday evening.

In its statement on Wednesday, the Bank reaffirmed it would continue to support the pension markets in other ways beyond Friday.

This would be done via the Bank’s temporary yet open-ended measure to help lenders facing liquidity issues who work with the corner of the pensions market that had experienced difficulties. The measure was announced on Monday.

The Financial Times report said those involved in derivatives, the corner of the market that required the Bank of England intervention, needed more time to avoid the forced selling that led to the Bank’s 28 September intervention.

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What are bonds and where do they fit in the mini-budget crisis?

Mr Bailey’s remarks in Washington prompted a sharp fall in the pound in overnight trading, dipping below $1.10.

The performance of the pound is an indicator of whether investors have faith in the UK economy. A drop in the pound signals a drop in confidence in the economy.

Sterling made some gains against the dollar on Wednesday morning, but was still worth less than $1.10, lower than the $1.117 that could be bought before Mr Bailey’s announcement.

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Canterbury MP Rosie Duffield quits Labour – criticising Sir Keir Starmer in resignation letter

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Canterbury MP Rosie Duffield quits Labour - criticising Sir Keir Starmer in resignation letter

Canterbury MP Rosie Duffield has resigned from the Labour Party.

The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.

She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.

In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.

“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.

Rosie Duffield. Pic: UK Parliament/Jessica Taylor/Handout via Reuters
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Rosie Duffield. Pic: UK Parliament/Jessica Taylor/Handout via Reuters

Sir Keir has faced backlash after a Sky News report revealed he had received substantially more freebies than any other MP since becoming Labour leader.

Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.

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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.

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She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.

“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.

“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”

Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.

Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.

“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.

Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.

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King Charles hails ‘uniquely special’ Scotland as it marks Holyrood milestone – before being hugged by woman

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King Charles hails 'uniquely special' Scotland as it marks Holyrood milestone - before being hugged by woman

The King has paid tribute to Scotland as a “uniquely special place” for the Royal Family as he marked the 25th anniversary of the Scottish parliament.

At the ceremony to commemorate a quarter of a century since parliament opened at Holyrood, the King said: “Speaking from a personal perspective, Scotland has always had a uniquely special place in the hearts of my family and myself.

“My beloved grandmother was proudly Scottish, my late mother especially treasured the time spent at Balmoral, and it was there in the most beloved of places, where she chose to spend her final days.”

He said we are all “united by our love of Scotland”, paying tribute to its “natural beauty”, “strength of character”, “diversity of its people”, “passions and frequently deeply held beliefs”.

“From the central belt to the north Highlands, across the islands in Ayrshire, in the Borders, the cities, towns and villages, all the coastal communities, who I wonder, could not fail to be moved by this complex Caledonian kaleidoscope?,” he asked as presiding officer Alison Johnstone and the Queen sat beside him.

After he gave the speech, the King was hugged by a member of the public – who said she did so “because of him being unwell”.

The 75-year-old was diagnosed with cancer in February but has since returned to public duties.

Yvonne Macmillan, 59, from East Renfrewshire, attended the anniversary ceremony with her husband Russell who is registered blind and chosen as a “local hero” for work in their area.

“I asked him if he was feeling better and if I could give him a hug. I actually said to him: ‘Can I hug you?’,” she said.

“As I hugged him I said, ‘God bless you’, so it was like God giving him a hug.”

The King listens to the presiding officer of the Scottish Parliament at Holyrood. Pic: PA
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The King listens to the presiding officer of the Scottish parliament at Holyrood. Pic: PA

Queen Camilla sits alongside the King as he makes his speech on Saturday. Pic: PA
Image:
The Queen sits alongside the King as he makes his speech on Saturday. Pic: PA

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While Sir Tony Blair’s Labour government legislated for Scottish devolution in 1997 – parliament officially opened at Holyrood on 1 July 1999.

The King has made six visits to the parliament since 1999 – while his mother Queen Elizabeth II made 10 visits during her lifetime.

The King arrives at the Scottish Parliament on Saturday. Pic: PA
Image:
The King arrives at the Scottish parliament on Saturday. Pic: PA

Scottish First Minister John Swinney is one of a number of MSPs who have been at Holyrood since the start of devolution.

He said in his own speech in Edinburgh on Saturday that the parliament has “placed itself at the very heart of the nation”, describing it as a “vessel of enlightenment, invention and creativity”.

The King shakes hands with First Minister John Swinney. Pic: PA
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The King shakes hands with First Minister John Swinney in Edinburgh on Saturday. Pic: PA

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The SNP’s Christine Grahame is another MSP who has been there since the start.

“Free tuition, free prescriptions, game-changing policies to tackle child poverty, the ban on smoking, the baby box, ScotRail back in public ownership – none of this would have been possible without the Scottish parliament and the strength of our commitment to self-determination,” she said on Saturday.

The King said the devolved parliament has the ability to “touch and to improve the lives of so many individuals”.

Former first ministers Nicola Strugeon and Humza Yousaf take a selfie as they await the arrival of the King. Pic: PA
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Former first ministers Nicola Sturgeon and Humza Yousaf take a selfie as they wait for the King. Pic: PA

But he added that “there remains much more to be done” for Scotland, the rest of the UK, particularly with regards to climate change.

“Let this moment therefore be the beginning of the next chapter,” he told those assembled.

“The achievement of the past and the commitment shown in the present give us the soundest basis for confidence in the future.”

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Phone thief caught red-handed hours after snatching device from woman’s hand in Croydon

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Phone thief caught red-handed hours after snatching device from woman's hand in Croydon

A moped riding phone thief was caught red-handed after police tracked the device down hours after he snatched it from a woman’s hand.

CCTV footage released by police showed a masked moped rider mount the pavement in Croydon, south London, to swipe a phone from a woman’s hand on 6 March, while another victim had theirs stolen while they waited for a bus an hour later.

Amari Scott, 20, looked surprised when confronted by officers inside a shop, where he was found with two mobile phones.

Amari Scott was caught red-handed. Pic: Met Police
Image:
Amari Scott was caught red-handed. Pic: Met Police

“We’ve just had a moped rob a mobile phone off the pavement and the phone is pinging in this location,” one of the officers told him in body-worn camera footage before Scott was handcuffed and led away.

Police also recovered a stolen motorbike and Scott, from Sutton, south London, was later jailed for four years.

Two teenagers who committed four robberies in the space of just half an hour were also arrested as part of a crackdown in Croydon.

Aged 16 and 17, the teens were issued with referral orders after pleading guilty to charges of robbery, attempted robbery and attempted grievous bodily harm.

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Amari Scott was jailed for four years. Pic: Met Police
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Amari Scott was jailed for four years. Pic: Met Police

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They were behind a spree of eight robberies across Croydon and nearby Bromley, including four within 30 minutes on the morning of 5 August.

Their crimes, which included the knife point robbery of a rough sleeper outside Croydon library, were caught on CCTV.

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One of the teenagers tried to discard a knife before she was arrested after a foot chase, telling officers: “The knife wasn’t mine”.

The other ran away, leaving a knife and his bag, but was lying in bed at home when he was arrested shortly after.

Two teenagers committed four robberies in 30 minutes. Pic: Met Police
Image:
Two teenagers committed four robberies in 30 minutes. Pic: Met Police

The Metropolitan Police said officers are intensifying efforts to tackle robbery and theft, encouraging victims to report incidents as they happen to increase the chances of catching the criminals.

Chief Inspector James Weston said: “We understand the impact that robbery has on victims – it is invasive and frightening.

“That’s why our teams are working so hard to deter and catch offenders to reassure our local community.

“Thanks to the hard work of officers, our partners and community grassroots organisations, we are stepping up our efforts and tackling the issues that matter most to the people of Croydon.”

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