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The Latest Breaking News from Andrew Bailey

Kwarteng faces market turmoil after sterling's disastrous day

New survey puts Labour party 17 points ahead

Wales Online

Kwarteng faces massive market turmoil after disastrous day for sterling

The Treasury moved to settle the markets with the promise of a Budget next spring as the pound tumbled against the dollar on Monday.

The Independent UK

What could the Bank of England do after pound plummets to record low?

Analysts want Bank of England to increase interest rates to ‘restore credibility’ to UK economy

The Independent UK

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Markets warn sterling slump could lead UK interest rates to triple by next year

Analysts expect Bank of England to convene meeting to raise rates with further increase in November

The Guardian - UK

UK in recession and further interest rate hikes probable, Bank of England warns

Threadneedle Street makes clear on eve of tax-cutting mini-budget that plans risk triggering more rate rises

The Guardian - UK

Bank of England set for bumper interest rate hike

The interest rate is set to soar to the highest level since the financial crisis of 2008

Wales Online

Mini-budget predictions: What should we expect from Kwasi Kwarteng?

The Standard looks at the moves the chancellor could announce

Evening Standard

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Biggest interest rate rise for 25 years could spell showdown at the Bank

This week’s decision could pit governor Andrew Bailey against an expansionary PM and chancellor

The Guardian - UK

Bank of England postpones next week’s interest rate decision after Queen’s death

A widely expected rise in interest rates has been put on hold due to the death of the Queen

Evening Standard

Britain still heading for recession but inflation could slow down, Bank of England says

Bank of England govenor Andrew Bailey sidestepped questions on whether Liz Truss’s expected energy package could spike a rise in living costs.

Daily Mirror

New UK leader Liz Truss finalises huge power subsidy plan

Britain's new Prime Minister Liz Truss on Wednesday readied the final details of a plan to tackle soaring energy bills, which looks likely to cool inflation but add more than 100 billion pounds ($115 billion) to the country's borrowing.

Reuters

Government moves to calm markets as pound falls to lowest level against dollar since 1985

New chancellor on charm offensive in Square Mile says Bank of England independence ‘is sacrosanct’

The Guardian - UK

Cost of living crisis: why plans to reform the Bank of England won't help it stop spiralling inflation

The UK cost of living crisis has been building since early 2021. At 10.1%, the current rate of consumer price inflation is the highest in 40 years and the Bank of England believes it could pass 13% in October.

The Conversation

Kwasi Kwarteng assures City of support for Bank of England independence

New chancellor promises City bosses ‘radical’ plan for economic growth and smooths over Truss’s threat to review Bank’s remit

The Guardian - UK

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The Independent UK

Bank of England chief says recession still ‘likely’ – but welcomes ‘clarity’ on energy bills

‘It’s important that there is clear way forward on policy’, says governor Andrew Bailey on Liz Truss plan

Evening Standard

Liz Truss in a race against time to ease cost-of-living crisis

Deputy Prime Minister Therese Coffey says Cabinet must deliver ‘at pace’ to tackle mounting energy crisis

The Guardian - UK

As it happened: White House issues trade warning over Northern Ireland protocol

Efforts to undermine Good Friday agreement would not create conducive environment for US-UK trade talks, says Biden’s press secretary

Evening Standard

Who is to blame for the cost of living crisis?

With talk of inflation set to hit 20 per cent and Britons braced for the biggest hit to living costs in a generation, Greg Marsh asks: who is to blame?

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Tribune News Service

Central Bankers in Jackson Hole embrace tightening mission ahead

Top officials from the world’s biggest central banks coalesced around a simple message in Jackson Hole this weekend: They are ready to follow through with higher interest rates, even if it does some damage.

Autosport

National Novelties: Sospiri watches old boss win and special Vauxhall parade

From Formula Ford Festival winner Vincenzo Sospiri watching his old team boss John Village in action, to Shawn Rashid singing the praises of his Le Mans class-winning mentor Johnny O'Connell and a special display of Vauxhalls at Brands Hatch, there were plenty of unusual stories from national motorsport this week

Daily Mirror

Biggest jump in cost of living in decades expected with latest inflation figures today

New figures released this morning are expected to show that Britain is suffering the worst cost of living crisis since the 1980s, as sharp rises in food and fuel costs continue to put strain on households

Wales Online

BBC Panorama: Man forced to retire early due to ill health loses entire life's savings after investing in fund

“The side effects to some of the medication was horrendous, but losing the money was worse."

The Guardian - UK

Bank of England under fire over £23m bonus payouts

Anger as thousands of Bank staff enjoy ‘performance awards’ when governor had urged other British workers not to demand big rises

The Guardian - UK

Six interest rate rises in a row? Blame greedy City bankers

Higher mortgage costs will hit homeowners and tenants, investment and consumer spending. In a recession. I hope they’re proud of their acquisitive selves

The Guardian - UK

Truss ‘irresponsible’ for threatening to review Bank of England remit

Labour’s Rachel Reeves says Conservatives are ‘playing blame game’ for UK’s economic problems

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