UK Fails to Sell Its Top Bonds

Auction of government debt falls short, casts doubt on Brown's call for 2nd stimulus
By Jason Farago,  Newser Staff
Posted Mar 26, 2009 6:00 AM CDT
British Prime Minister Gordon Brown speaks at New York University in New York, Wednesday, March 25, 2009. Brown was there with other world leaders to discuss economics, climate change and security.    (AP Photo/Seth Wenig)
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(Newser) – Britain's central bank yesterday failed to complete its auction of government bonds for the first time in over a decade, reports the Telegraph. The auction of 40-year gilts fell short a day after the Bank of England governor warned that the country could not afford a second fiscal stimulus, as proposed by Gordon Brown. But doomsayers were proved wrong this morning when another gilt sale was three times oversubscribed.