deal with unfunded liabilities
Meanwhile, it has more than $120 billion in unfunded liabilities, mostly for employee health and retirement costs.
Britain's Conservative government plunged in the polls after markets punished its plan for unfunded tax cuts.
Markets reacted positively to the British government's decision to scrap most of its unfunded tax cuts.
After a cost-cutting defence review, Mr Hammond inherited a staggering 74 billion ($122 billion) of unfunded commitments from the last Labour government.
Now, on Friday, we had this statement from the Prime Minister that she's now U-turned on half of the unfunded tax cuts.
The central bank is buying the bonds through a temporary programme it created after markets took fright at the government's plans for unfunded tax cuts.
Britain made a spectacular entry into this financial purgatory in late September by unveiling plans for huge, unfunded tax cuts, sending the value of sterling crashing.
And we, Rachel Reeves and the shadow economic team, would not do any unfunded tax cuts, but they would keep the reverse of national insurance rise.
British government-bond yields eased back to levels they were before unfunded tax cuts, now mostly scrapped, caused panic selling and prompted an intervention from the Bank of England in September.
When the British government announced unfunded tax cuts a day later, fire-sales by pension funds caused the yield on government bonds (or " gilts" ) to spiral out of control.
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