9/28, 5:39 PM (Source: TeleTrader)
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UK pension funds faced collapse without BoE move - report

"A swathe of [United Kingdom] pension funds... would have essentially collapsed by this afternoon" if the Bank of England hadn't made the announcement about its bond-buying plan this morning, Sky News reported on Wednesday.

"Essentially, people [are] trying to withdraw money, which in turn sometimes leads inevitably to financial collapse," unnamed sources told the media outlet.

Sky News' economic editor explained that pension funds are especially reliant on the UK long-term bonds market, which has seen yields jump to 20-year highs yesterday and today before the BoE intervened.

Baha Breaking News (BBN) / MS