Fitch predicts deeper UK recession; mortgage rates climb – as it happened

Kwasi Kwarteng brings forward release of debt-cutting plan, as Bank of England announces new measures to support pensions sector through crisis

Despite the Bank's announcement, long-dated UK bond prices have opened a little lower.

The yield on 30-year UK government bonds have inched up to 4.45%, from 4.38% on Friday night.

The UK index of financial stress (which takes into account the rise in UK interest rate spreads as well as their volatility) remains as high as when the BoE started its intervention in late September.

Equally important, and as I explain for The Conversation, persistently high financial stress can have a depressing impact on UK GDP for as many as 20 months. So we are not out of the woods yet...