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The Latest Breaking News from Andrew Bailey

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

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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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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.

The Independent UK

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

Evening Standard

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

The Independent UK

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.

Reuters

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 Guardian - 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 Independent UK

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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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Daily Mirror

Britain heading for year-long recession - but PM and Chancellor nowhere to be seen

Prime Minister Boris Johnson is reportedly on honeymoon in Slovenia while Chancellor Nadhim Zahawi enjoys a family break while families around the country are worried about how they'll pay their bills

Benzinga

Bank Of England Raises Rates Again, Says UK Is Entering Recession: Will The US Fed Follow Suit?

The Bank of England has now raised rates at six consecutive meetings to try and combat the U.K.’s rampant inflation. Its interest rate now stands at 1.75%.

Evening Standard

Bank of England unveils biggest interest rate rise in 27 years

Monetary Policy Committee raises rates by 50 basis points to 1.75 per cent

The Independent UK

Bank of England likely to raise interest rates — maybe a lot

The Bank of England is likely to announce its biggest interest rate increase in more than 27 years as it seeks to rein in accelerating inflation driven by the fallout from Russia’s invasion of Ukraine

The Guardian - UK

Bank of England hikes interest rates and warns UK to enter recession with inflation to pass 13% – as it happened

Interest rates rise to 1.75% – the biggest jump in 27 years – as BoE warns UK faces long recession as high gas prices hit households

The Guardian - UK

Sunak, Truss and the Bank of England are lying to you – the UK economy is weak and rigged

Westminster is perpetrating the same scam as the rate-setters – bluffing that they can get the old economic machinery working like before, says Guardian columnist Aditya Chakrabortty

Daily Mirror

Raising interest rates will cause more bankruptcies and redundancies, expert warns

The Bank of England is trying to use higher borrowing costs to cool runaway inflation - but the timing was slammed by ex-MPC member Professor Blanchflower, who said he would vote to cut rates instead

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