Treasury forced to intervene in market turmoil [Yahoo! Finance]
ING Group, N.V. (ING)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
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Source: Yahoo! Finance
The Treasury has been forced to intervene to stabilise financial markets amid growing concern over the impact of Rachel Reeves's Budget and a surge in borrowing costs. In the first such statement since the mini-Budget crisis of 2022, the Treasury attempted to dismiss as “pure speculation” suggestions that rising debt costs had wiped out all of Ms Reeves's headroom and put her in breach of her own fiscal rules. The Chancellor has vowed to borrow only to invest, not to cover day to day spending, in the coming years. At the time of the Budget, she was on track to meet this target with £9.9bn of headroom to spare - but higher debt costs mean economists now fear it will be missed. Ms Reeves signalled that she was ready to slash public spending to maintain “an iron grip on the public finances”. However, there is also growing speculation that she will be forced to raise taxes again this year. The intervention - a rare comment on market movements - came after the pound dropped as muc
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