Banking

Britain’s financial system is approaching a cliff edge. After stepping in to calm the market chaos that followed Kwasi Kwarteng’s mini-budget, the Bank of England has insisted it will close the £65bn emergency scheme used to smooth over the mess.From Friday, the central bank plans to halt its rescue purchases of UK government bonds, in a market where funds managing the retirement savings of pensioners across the country still risk being dangerously burned.It is a big gamble, to say the least, given the magnitude of the financial, economic and political...