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You can find the current article at its original source at https://www.theguardian.com/business/live/2016/jul/05/mark-carney-to-outline-bank-of-englands-brexit-stability-moves-business-live
The article has changed 19 times. There is an RSS feed of changes available.
| Version 17 | Version 18 |
|---|---|
| Brexit crisis: Pound hits $1.30, property funds frozen, and Bank of England eases capital rules | Brexit crisis: Pound hits $1.30, property funds frozen, and Bank of England eases capital rules |
| (about 2 months later) | |
| 10.26pm BST | 10.26pm BST |
| 22:26 | 22:26 |
| Here’s an early peek at tomorrow’s Guardian: | Here’s an early peek at tomorrow’s Guardian: |
| Wednesday's Guardian front page:Property funds in turmoil#tomorrowspaperstoday #bbcpapers pic.twitter.com/q1uDboFE0K | Wednesday's Guardian front page:Property funds in turmoil#tomorrowspaperstoday #bbcpapers pic.twitter.com/q1uDboFE0K |
| 9.50pm BST | 9.50pm BST |
| 21:50 | 21:50 |
| The pound’s tumble is the lead story in tomorrow’s Telegraph business section: | The pound’s tumble is the lead story in tomorrow’s Telegraph business section: |
| Wednesday's Telegraph Business:Sterling falls despite reassurance#tomorrowspaperstoday #bbcpapers pic.twitter.com/IZ7AE76gRO | Wednesday's Telegraph Business:Sterling falls despite reassurance#tomorrowspaperstoday #bbcpapers pic.twitter.com/IZ7AE76gRO |
| 9.22pm BST | 9.22pm BST |
| 21:22 | 21:22 |
| The economic consequences of the Brexit vote make the front page of tomorrow’s FT: | The economic consequences of the Brexit vote make the front page of tomorrow’s FT: |
| Wednesday's FT:Sterling leads UK assets down as Brexit fallout fears grip markets#tomorrowspaperstoday #bbcpapers pic.twitter.com/klLiEFtCQr | Wednesday's FT:Sterling leads UK assets down as Brexit fallout fears grip markets#tomorrowspaperstoday #bbcpapers pic.twitter.com/klLiEFtCQr |
| 9.21pm BST | 9.21pm BST |
| 21:21 | 21:21 |
| Closing summary | Closing summary |
| A late update... our full news wrap of today’s events is now live. | A late update... our full news wrap of today’s events is now live. |
| Here’s a flavour: | Here’s a flavour: |
| The fallout from the Brexit vote reverberated through the markets on Tuesday as two more City property funds barred investors from withdrawing their cash and the Bank of England warned that risks to the financial system had begun to “crystallise”. | The fallout from the Brexit vote reverberated through the markets on Tuesday as two more City property funds barred investors from withdrawing their cash and the Bank of England warned that risks to the financial system had begun to “crystallise”. |
| City watchers warned that further property funds would be forced to bar withdrawals as investors race for the door amid fears of a plunge in the values of office blocks and shopping centres in post Brexit Britain. | City watchers warned that further property funds would be forced to bar withdrawals as investors race for the door amid fears of a plunge in the values of office blocks and shopping centres in post Brexit Britain. |
| The suspensions came on another day of drama on the financial markets, 11 days after the vote to leave the EU wrong-footed investors and sparked political turmoil. Developments included: | The suspensions came on another day of drama on the financial markets, 11 days after the vote to leave the EU wrong-footed investors and sparked political turmoil. Developments included: |
| Here’s the full tale: | Here’s the full tale: |
| Updated | Updated |
| at 9.22pm BST | at 9.22pm BST |
| 6.28pm BST | 6.28pm BST |
| 18:28 | 18:28 |
| The City is now closed for the night, so I’m going to wrap up. | The City is now closed for the night, so I’m going to wrap up. |
| Here are our latest stories on the property fund freeze, and the Bank of England’s attempts to calm the Brexit crisis. | Here are our latest stories on the property fund freeze, and the Bank of England’s attempts to calm the Brexit crisis. |
| Goodnight, and thanks for reading and commenting. GW | Goodnight, and thanks for reading and commenting. GW |
| 5.58pm BST | 5.58pm BST |
| 17:58 | 17:58 |
| Expert: This isn't a repeat of 2008 | Expert: This isn't a repeat of 2008 |
| Although the UK property sector is undoubtedly in a serious situation, it doesn’t look like we’re careering into a repeat of the 2008 financial crisis. | Although the UK property sector is undoubtedly in a serious situation, it doesn’t look like we’re careering into a repeat of the 2008 financial crisis. |
| Jason Holland, managing director of City advisers Tilney Bestinvest, explains that it’s different this time, partly because the Bank of England has been so proactive: | Jason Holland, managing director of City advisers Tilney Bestinvest, explains that it’s different this time, partly because the Bank of England has been so proactive: |
| The uncertainty around Brexit is undoubtedly a challenge for the property sector but this is not a post Lehman Brothers style moment when the whole financial system faced collapse and the supply of credit - key to property transactions - was in doubt. | The uncertainty around Brexit is undoubtedly a challenge for the property sector but this is not a post Lehman Brothers style moment when the whole financial system faced collapse and the supply of credit - key to property transactions - was in doubt. |
| The Bank of England has set out its readiness to provide vast amounts of liquidity and interest rates look set to be cut. Talk is moving decisively in favour of a pro-growth rather than a tax hiking Budget. The stock market has weathered Brexit bettered than many predicted and successful corporate bond issues this week from British American Tobacco and Brown Forman (the producers of Jack Daniels) suggest the Sterling credit market remains open for business. | The Bank of England has set out its readiness to provide vast amounts of liquidity and interest rates look set to be cut. Talk is moving decisively in favour of a pro-growth rather than a tax hiking Budget. The stock market has weathered Brexit bettered than many predicted and successful corporate bond issues this week from British American Tobacco and Brown Forman (the producers of Jack Daniels) suggest the Sterling credit market remains open for business. |
| 5.55pm BST | 5.55pm BST |
| 17:55 | 17:55 |
| Sign up for US jobs report alerts | Sign up for US jobs report alerts |
| The Brexit crisis has been causing angst across the global economy, with investors worried that it could hurt world economic growth. | The Brexit crisis has been causing angst across the global economy, with investors worried that it could hurt world economic growth. |
| On Friday, we’ll get an early insight into the damage cause by the EU referendum when the latest US jobs report is released. | On Friday, we’ll get an early insight into the damage cause by the EU referendum when the latest US jobs report is released. |
| And we are looking for readers to join an experimental group of users who will receive notifications about the report, from the Guardian Mobile Innovation Lab. | And we are looking for readers to join an experimental group of users who will receive notifications about the report, from the Guardian Mobile Innovation Lab. |
| At 1.30pm BST on the day the jobs report is released each month, we’ll be sending a series of alerts about the report’s numbers and what they mean. Web notifications are currently only available on Chrome, so if you have an Android mobile phone (Samsung, included!), we hope you’ll sign up. | At 1.30pm BST on the day the jobs report is released each month, we’ll be sending a series of alerts about the report’s numbers and what they mean. Web notifications are currently only available on Chrome, so if you have an Android mobile phone (Samsung, included!), we hope you’ll sign up. |
| Click here to sign up for the experiment. | Click here to sign up for the experiment. |
| 5.18pm BST | 5.18pm BST |
| 17:18 | 17:18 |
| Pound hits $1.30 | Pound hits $1.30 |
| There she goes! The pound has just slid to the $1.300 mark for the first time in over three decades, having shed 2% today. | There she goes! The pound has just slid to the $1.300 mark for the first time in over three decades, having shed 2% today. |
| #Cable tests 1.30 for the first-time since 1985 pic.twitter.com/wZDy2feWj5 | #Cable tests 1.30 for the first-time since 1985 pic.twitter.com/wZDy2feWj5 |
| 5.14pm BST | 5.14pm BST |
| 17:14 | 17:14 |
| Here’s a list of the biggest property funds in the UK, kindly provided by Laith Khalaf of Hargreaves Lansdown: | Here’s a list of the biggest property funds in the UK, kindly provided by Laith Khalaf of Hargreaves Lansdown: |
| Laith adds a word of caution: some of these funds invest in shares of property companies, which are obviously easier to sell than actual offices and shops. | Laith adds a word of caution: some of these funds invest in shares of property companies, which are obviously easier to sell than actual offices and shops. |
| 5.02pm BST | 5.02pm BST |
| 17:02 | 17:02 |
| Project feaaaaarrrrrrrrrrrggggghhhhhhhhhh- Third property fund suspends trading on Brexit sell-off, pound at new 31-year low - AFP | Project feaaaaarrrrrrrrrrrggggghhhhhhhhhh- Third property fund suspends trading on Brexit sell-off, pound at new 31-year low - AFP |