A quartet of British fund managers said assets under management (AUM) dropped by $9.8 billion in aggregate in the three months to end-September, after a sharp sell-off in UK stocks and bonds in recent weeks compounded longer-held worries about a global slowdown.

British company owners are pulling investments as a crisis triggered in Westminster pushes up borrowing costs and hits confidence in an economy once seen by businesses as a haven of stability.

Prime Minister Liz Truss apologised for threatening Britain's economic stability after she was forced to scrap her vast tax-cutting plans and embark on a programme of "eye-watering" public spending cuts instead.

Britain's new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed, saying Prime Minister Liz Truss had made mistakes as she battles to keep her job just over a month into her term.

New finance minister Jeremy Hunt promised to win back Britain's economic credibility by fully accounting for the government's tax and spending plans, while insisting his boss Liz Truss remained in charge of the country.

British finance minister Kwasi Kwarteng cut short a trip to Washington to rush back early on Friday to London where pressure is mounting for the new government to scrap much of an economic programme that unleashed turmoil on financial markets.

British finance minister Kwasi Kwarteng refused to say on Thursday if he would stick with his plan not to raise business taxes as media reported Prime Minister Liz Truss was rethinking an economic programme that plunged markets into turmoil.

Euro zone borrowing costs fell on Thursday as investors paused for breath ahead of key U.S. economic data after driving government bond yields to fresh multi-year highs.

Britain's financial regulators will work together to tighten rules for pension funds which use derivatives to insure themselves against big moves in bond markets, drawing on lessons from past crises, the Bank of England said on Wednesday.

Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth.

The Bank of England on Wednesday insisted it would end emergency buying of UK bonds by the weekend but sent markets into further frenzy as economic uncertainty grips Britain.

The dollar rose to a fresh 24-year high against the yen on Wednesday, moving above levels that prompted intervention by Japanese officials last month, as traders braced for U.S.

UK pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the Bank of England calls time on support aimed at keeping them afloat.

European shares fell for a fifth straight session on Tuesday, pressured by a rise in government bond yields globally, with investors worrying about a potential recession and the impact on corporate profits from a rapid rise in interest rates.

Research shows that national press coverage of miscarriages of justice has notably decreased.

British finance minister Kwasi Kwarteng, who last month sparked a bond market rout with unfunded tax cuts, sought to reassure investors on Monday by bringing forward a budget announcement and naming a Treasury insider to run the department.

The European Union's securities watchdog has asked Britain about recent extreme moves in UK government bond yields and is monitoring for "spillovers" into the bloc, its chair Verena Ross said on Monday.

The Bank of England moved to ease concerns about the expiry at the end of this week of its emergency programme to calm turmoil in the government bond market, including a doubling of the maximum size of its planned debt buy-back on Monday.

The world's central bankers are caught up in a race to curb inflation that only the Federal Reserve can stop.

Some of Britain's top open-ended property funds are rolling out new measures to manage investor exit requests, as challenges in meeting redemptions continue to rise amid a sell-off in some UK risk assets.

Britain's debt-fuelled economy remains threatened by recession and the pound mired by trouble despite the government of new Prime Minister Liz Truss performing a swift tax U-turn.

Calls to the Bank of England saying some British pension funds were struggling to meet margin calls began on Monday. By Wednesday they were getting more urgent and coordinated.

The Bank of England has in less than a year hiked its interest rate to 2.25 percent from a record-low 0.1 percent in a bid to cool decades-high inflation.

UK Prime Minister Liz Truss on Thursday defended her tax cutting policy after days of silence during which markets tanked and the Bank of England was forced into an emergency intervention.

The Bank of England stepped into Britain's bond market on Wednesday to stem a market rout, pledging to buy 65 billion pounds ($69.4 billion) of long-dated gilts after a government fiscal statement triggered the biggest sell-off in decades.

Borrowing costs for UK companies have soared since the British government's mini-budget last week spooked markets, with data showing sterling corporate bonds suffering their biggest monthly selloff since at least the 1990s.

British government 30-year bond yields hit a 20-year high on Wednesday, pushing past 5%, and bond strategists warned that markets were becoming close to untradeable due to volatility, something the Bank of England will be watching with alarm.

Goldman Sachs Group Inc has closed a $9.7 billion private-equity fund, its largest since 2007, that seeks to invest in companies with an enterprise value of about $750 million to $2 billion, the bank said on Tuesday.

Euro zone government bond yields jumped to multi-year highs amid expectations that central banks will keep tightening their monetary policy despite recession risks and a new sell-off in British gilts.

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