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The Bank of England warned of a ‘material risk’ to financial stability as it stepped in to buy a wider range of gilts. But markets got the jitters again when Andrew Bailey, its governor, announced to pension funds: ‘You’ve got three days left.’ Kwasi Kwarteng, the Chancellor of the Exchequer, would present his ‘fiscal statement’ to parliament on 31 October, Halloween, not 23 November as originally planned. The Institute for Fiscal Studies thinktank said that under current plans, public spending would need to be cut by £60 billion a year by 2026-27 to put the economy on a safe footing. GDP shrank by 0.3 per cent in August. British Cycling announced an eight-year sponsorship deal with the oil company Shell.
King Charles and Queen Camilla are to be crowned at Westminster Abbey on Saturday 6 May. Sir Keir Starmer, the Labour leader, bade farewell to his chief of staff, Sam White, and said the party was on an election footing.
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