The Bank of England has expanded its emergency purchases of government bonds to calm financial markets riled by a government plan to cut taxes. As a crucial deadline looms, everyone is asking: will it work?

The UK's central bank says it is widening a debt purchase scheme to stem a collapse in the government bond market. Britain's central bank said its aim was to ward off a "material risk to UK financial stability."

The Bank of England has launched a £65 billion emergency bond-buying programme, in an effort to calm the markets and avert a financial crisis. The "unprecedented" support comes amid mounting criticism of the government's plan to slash taxes.

The Bank of England has warned that the UK economy may already be in recession, as it hikes interest rates for the seventh time to combat the spiralling pace of price rises. Inflation is still hovering nearly 40-year highs at just under 10 percent.

The Bank of England has followed the US Federal Reserve in raising interest rates. Both economies are battling the highest level of inflation in years and hope that tighter monetary policy will curb spiralling price rises. Also in the show: Australia's new government commits to more ambitious emissions reduction targets, and TV critics question Netflix's plans for a reality show based on the life-or-death hit "Squid Game".

It is the fourth month in a row the central bank's Monetary Policy Committee has voted for a rise. Policymakers are currently trying to stem inflation amid high energy prices sparked partly by Russia's war in Ukraine.

Stephanie Kelly, senior political economist at Aberdeen Standard Investments, discusses Brexit, Bank of England policy and her view that Boris Johnson is likely to face a general election if elected Prime Minister.

Staff strike at the Bank of England over pay, highlighting growing pressure on the government to lift a cap on public-sector wages.

U.K. inflation unexpectedly slipped to 2.6 percent in June, easing Bank of England policy makers' concerns about price growth.