The pension schemes at the centre of last week’s £65bn bailout scheme are in stronger health today than before the gilts market’s seizure hit, according to analysis by PricewaterhouseCoopers.
PwC estimated that the 5,200 defined benefit schemes in the UK were in aggregate surplus of £155bn by Friday (30 September), a dramatic improvement on the surplus of £60bn recorded at the end of August, and much better than the £615bn deficit of a year ago.
Sterling has also returned to more or less the same level it was at before the mini-Budget.
But traders are braced for another turbulent week for the pound and gilts, as ministers insisted at the weekend that they would not bring forward the 23 November date when they are due to publish forecasts from the independent Office for Budget Responsibility.
