BoE governor Andrew Bailey says the Monetary Policy Committee (MPC) will make a full assessment at its next MPC meeting on 3 November, batting away rumours of an emergency meeting before then.

Today’s statement says: “As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the government’s announcements, and the fall in sterling, and act accordingly,”

The next MPC meeting is scheduled for 3 November.

It was noted that the bank is “monitoring developments” in the financial markets “very closely”.

Next month, chancellor Kwasi Kwarteng will, as part of the Growth Plan set out last week, outline regulatory reforms to ensure the UK’s financial services sector remains globally competitive.

Kwarteng will then set out his medium-term fiscal plan on 23 November.

As a result of the sterling’s record-breaking drop against the US dollar, a host of lenders announced product withdrawals yesterday, 26 September, with one of the most eye-catching being Halifax Intermediaries’ latest update.

Additionally, Kensington removed the majority of its residential and buy-to-let (BTL) options and Keystone took all of its offerings off the market.

BM Solutions also withdrew its BTL and Let to Buy mortgages that charge a fee, Clydesdale Bank took a selection of new business deals off the market, West One withdrew its entire fixed rateBTL catalogue with immediate effect, and The Nottingham for Intermediaries is in the process of repricing a number of its offerings.