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The Latest Breaking News from Andrew Bailey

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

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

The Independent UK

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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

Evening Standard

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

The Guardian - UK

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?

Evening Standard

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.

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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

Autosport

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

Daily Mirror

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."

Wales Online

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

The Guardian - UK

Andrew Bailey: who is the Bank of England governor – and is his job safe?

He has been accused of being asleep at the wheel over inflation, but sacking the Threadneedle Street chief would be a risky step

The Guardian - UK

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The Independent UK

Andrew Bailey denies Bank was too slow to act over soaring inflation

The Governor of the Bank of England warned that earlier interest rate rises could have brought forward a recession.

Evening Standard

Conservative leadership race: ‘Next PM must find billions to help out struggling households’

Carrying on with the current economic policy is ‘not going to cut it’, IFS chief says

The Independent UK

Companies must rein in profits rather than workers limit pay demands, unions tell Bank of England

Companies should be asked to rein in profits instead of workers urged to limit pay demands, angry union leaders have told the Bank of England.

The Independent UK

Recession - live: Bank of England governor defends delay in hiking interest rates

Inflation will reach 13 per cent by the end of the year, the Bank predicts

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Reuters

BoE's Bailey rebuffs talk of less central bank independence in UK

Bank of England Governor Andrew Bailey pushed back at suggestions by the front-runner to become Britain's next prime minister Liz Truss and her supporters that the government should have a bigger role in how the central bank operates.

The Guardian - UK

Workers asking for pay rises risk embedding inflation, says Bank boss

'If everybody tries to beat inflation – in price-setting and wage-setting – it gets worse,’ warns Andrew Bailey

The Independent UK

Bank of England governor urges workers to limit pay rise demands to help others without ‘bargaining power’

Andrew Bailey also rejected criticism bank should have raised interest rates sooner

The Guardian - UK

Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened

Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union

WEKU

The Bank of England predicts a lengthy recession at the end of the year

Soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October, the bank said. That will push Britain into recession later this year, bank forecasts show.

The Guardian - UK

Friday briefing: What the interest rate spike means for the country – and for you

In today’s newsletter: The biggest rate rise in nearly 30 years comes amid forecasts of economic decline. How bad might it be?

The Guardian - AU

‘The big squeeze’: what the papers say about Bank of England’s recession forecast

Bleak period of recession combined with rises in cost of living dominate the front pages, with plenty of horrifying graphics

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