bank of england
Meanwhile, the central bank's governor, Andrew Bailey, warned the UK's post-Covid recovery is "dramatically" slower than the eurozone and US.
Senior economist Michael Saunders thinks country "wouldn’t be talking about an austerity budget" if it had stayed in the EU.
The chancellor warned of "extremely difficult decisions" to restore confidence and economic stability.
And it's not just because a recession is near.
"We had to step in quickly and we had to step in quite decisively," the governor of the Bank of England said.
The Bank of England's latest statement is a big deal.
The Bank has just revealed the largest hike in interest rates for 33 years, predictions for a two-year recession and when inflation may fall.
Hint: It's not just the mini-budget, but that didn't really help...
Despite market turmoil, business secretary suggests chancellor Kwasi Kwarteng could ignore crucial economic forecasts.
Gillian Tett gives a blunt assessment on whether the Bank of England is to blame for the turmoil, as Jacob Rees-Mogg has suggested.