The Bank of England

took emergency action to stave off a spiraling crisis in Britain's bond markets, unleashing a £65 billion bond-buying program with a promise of buying as much government debt as needed to restore stability after tax cut and borrowing plans by new PM Liz Truss and Chancellor Kwasi Kwarteng triggered market turmoil.

^{via Bloomberg}

• Word of advice: The IMF urged the UK government to reconsider the massive unfunded tax cuts announced last week, stating that fiscal stimulus is inappropriate given the inflation pressures in the British economy, and the package risks making life harder for the Bank of England.