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Bank says it will ‘not hesitate’ to intervene over market turmoil

The Bank of England has said it “will not hesitate” to raise interest rates to prop up the value of sterling after a day of turmoil on the markets which saw the pound slump to its lowest level for at least half a century. Chancellor Kwasi Kwarteng announced he would bring forward an announcement of a “medium-term fiscal plan” to start bringing down debt levels following an adverse reaction to his £45 billion package of tax cuts set out on Friday.

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