Bank of England jumps into market as Kwarteng U-turns again

The IFS says the chancellor needs to find £60bn in cuts to present a credible fiscal plan, writes James Moore

Lost in thought? The chancellor, pictured listening to his boss Liz Truss, needs to find a miracle (AP)

More than two-thirds of us are affected by “Sunday Scaries” – anxiety and sleeplessness about the upcoming week – according to the government’s own Office for Health Improvement and Disparities.

The “scaries” must have been epic this week for the occupants of Downing Street. Ditto for those running the Bank of England, which is in the unfortunate position of having to clear up the godawful mess the government is making of the economy.

The Bank began the week with a bang, announcing it is to purchase up to £10bn worth of gilts – UK government bonds – every day until Friday.