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THURSDAY, NOVEMBER 26, 2009
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UK Fails to Sell Its Top Bonds

Auction of government debt falls short, casts doubt on Brown's call for 2nd stimulus

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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.

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.
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)
Caledonia
Caledonia   (©kyz)
The Bank of England is seen in the City of London, Tuesday, March 24, 2009. An auction yesterday of 40-year gilts by the Bank failed to find sufficient buyers for the first time in years.
The Bank of England is seen in the City of London, Tuesday, March 24, 2009. An auction yesterday of 40-year gilts by the Bank failed to find sufficient buyers for the first time in years.   (AP Photo/Sang Tan)
Britain's Treasury chief Alistair Darling, left, meets with Tim Geithner for a bilateral meeting during the G20 Finance Ministers meeting at a hotel near Horsham, England Friday, March 13, 2009.
Britain's Treasury chief Alistair Darling, left, meets with Tim Geithner for a bilateral meeting during the G20 Finance Ministers meeting at a hotel near Horsham, England Friday, March 13, 2009.   (AP Photo/Kirsty Wigglesworth)
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