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The Latest Breaking News from Andrew Bailey

Biggest interest rate rise in decades as the Bank of England predicts longest-ever recession

Property price chat, Tube delays, torrential rain – this morning doled out a full house of London bingo. And then the Bank of England said ‘hold my £8.50 beer’.

Evening Standard

Bank of England offers glimmer of hope on mortgages with 'lower than expected' forecast

Andrew Bailey today said interest rates "will have to go up by less than is currently priced in by financial markets" meaning "fixed rate mortgages should not need to rise as much as they have done"

Daily Mirror

UK poised to enact biggest interest rate hike in 3 decades

The Bank of England is expected to announce its biggest interest rate increase in three decades as it seeks to beat back stubbornly high inflation fueled by Russia’s invasion of Ukraine and the disastrous economic policies of former Prime Minister Liz Truss

The Independent UK

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Interest rates likely to jump as markets await Bank of England decision

Analysts believe a 0.75 percentage point rise is likely, potentially the biggest hike in the base rate since 1989

The Guardian - UK

Bank of England to announce biggest hike in interest rates for 33 years

Food inflation soared to a record 11.6 per cent in October

The Independent UK

Bank of England begins selling government bonds

Central bank in bid to reduce its emergency stimulus to the economy and fend off claims it has lost its independence

The Guardian - UK

Is the Bank of England on a “collision course” with Rishi Sunak?

City Comment: The Bank is politically independent, but not independent of politics

Evening Standard

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Sunak dismantles remainder of Truss legacy on first full day in office

Prime minister abandons fracking and refuses to guarantee pensions triple lock or defence spending rise

The Guardian - UK

Sunak tears up Truss’s economic vision and refuses to back pensions triple lock

The new Prime Minister also reimposed the fracking ban controversially scrapped by his predecessor.

The Independent UK

Chancellor Jeremy Hunt delays Autumn Budget statement until next month

CHANCELLOR Jeremy Hunt has delayed the Autumn Statement until next month following the appointment of Rishi Sunak as Prime Minister.

The National (Scotland)

Chancellor Jeremy Hunt's Halloween budget delayed to November

It will be published as an autumn statement

Wales Online

Hunt delays Halloween budget to November 17

The Chancellor said it was ‘prudent’ to put back the statement to take account of the latest economic forecasts.

The Independent UK

A moral way the Bank can ease our financial pain

City Voices: How to raise tens of billions to shore up our finances

Evening Standard

The Guardian view on Liz Truss’s U-turn: a fading premiership won’t be missed

Editorial: After a budget reversal, the prime minister is sticking with her party – the trouble is, it’s not sticking with her

The Guardian - UK

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Evening Standard

London politics latest LIVE: Jeremy Hunt in Commons to explain scrapping of disastrous ‘growth plan’

Jeremy Hunt is speaking to the House of Commons after Penny Mordaunt fielded an Urgent Question on the sacking of Kwasi Kwarteng

Reuters

New UK finance minister Hunt reverses Truss's economic plan in dramatic U-turn

Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's economic plan and scaled back her vast energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.

The Independent UK

UK to be plunged into recession until summer 2023, economists warn

Britain’s economy is expected to shrink around 0.2 per cent each quarter from October through to June next year

The Guardian - UK

The Guardian view on central bankers: don’t put them in charge of the crisis

Editorial: The UN is right to warn that governments risk a worldwide recession precipitated by excessive rate rises

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Al Jazeera

UK’s Liz Truss struggles to save premiership after tax U-turns

Truss is under pressure after making U-turns on two major policies, as new Chancellor Hunt makes a new budget plan.

The Guardian - UK

Jeremy Hunt welcomed by Tories as he tears up Liz Truss’s fiscal plan

There’s relief among Conservative MPs as the new chancellor seeks to bring stability back to government

Evening Standard

London politics latest LIVE: Third MP calls for Truss to go saying she ‘undermined Britain’s economic credibility’

Jamie Wallis, the MP for Bridgend and Porthcaw, said Ms Truss ‘no longer holds the confidence of the country’

Evening Standard

Jeremy Hunt warns of ‘difficult decisions’ ahead amid reports of delay to basic rate tax cut

The Chancellor is reportedly considering delaying the 1p cut to the basic rate of income tax by a year

Manchester Evening News

Bank of England governor warns of further interest rates rise amid mortgage crisis

The governor also revealed that he has met with new chancellor Jeremy Hunt

The Guardian - UK

Mini-budget will likely mean higher interest rates, warns Bank of England governor

Andrew Bailey says UK borrowers can expect to feel impact of Truss government’s tax and spending decisions

Evening Standard

Interest rate rises could be higher than expected next month, warns Andrew Bailey

Bank of England Governor says ‘inflationary pressures’ could prompt stronger response than bank had previously thought

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