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The Latest Breaking News from Andrew Bailey

Middle East conflict sparked major supply shock, says Bank of England boss

Andrew Bailey made his comments as the UK was given a gloomy economic outlook by the International Monetary Fund.

Evening Standard

Head of IMF says Iran war will permanently scar global economy even if peace is reached

Kristalina Georgieva says even ‘most hopeful scenario’ will lead to growth downgrade and cause permanent hit to living standards

The Guardian - UK

Blue Owl Capital limits withdrawals after investors try to redeem $5.4bn

Private credit investment firm’s move is latest sign of crumbling confidence in unregulated lending market

The Guardian - UK

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FTSE 100 soars as Middle East peace hopes grow

The US and Iran have both made some positive noises, prompting markets to rise.

Evening Standard

Prime Minister to chair Cobra meeting on economic hit of Iran war

Sir Keir Starmer told business leaders on Monday that it must be a ‘joint effort’ to tackle the impact of the war.

Evening Standard

Starmer says he is ‘unapologetic’ about his focus on national interest when asked how he deals with ‘rude’ Trump – as it happened

PM tells MPs ‘a lot of what is said or done is undoubtedly said or done to put pressure on me’

The Guardian - UK

Politics latest: Starmer warns there may not be ‘quick and early end’ to US-Iran war ahead of Cobra meeting

Prime minister warned his team not to fall into ‘false comfort’ of thinking as Middle East conflict could be lengthy

The Independent UK

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Cooper warns Tehran against targeting UK interests

Iran has said allowing the US to use UK bases is ‘participation in aggression’.

Evening Standard

Iran tells Cooper UK letting US use bases is ‘participation in aggression’

Abbas Araghchi criticised the ‘negative and biased approach of Britain’.

Evening Standard

Starmer acknowledges ‘pressure on families’ as costs rise amid Iran war

The Iran war has sent oil and gas prices soaring, putting further pressure on already-stretched household budgets in the UK

The Independent UK

Interest rate cuts not on the horizon, Bank of England governor says

The Bank left interest rates unchanged at 3.75% in a unanimous vote among all nine members of its Monetary Policy Committee on Thursday.

Evening Standard

Bank of England holds interest rates but hints at possible hikes

The Bank left rates unchanged in a unanimous vote among all nine members of its Monetary Policy Committee (MPC).

Evening Standard

Bank of England holds rate at 3.75% amid Iran war inflation fears

The Bank of England has held its main interest rate at 3.75% in the wake of rising oil and gas prices following the start of the Iran war.

Euronews

Bank of England unanimously votes to press pause on interest rates as Iran worries grow

City still thinks borrowing costs will fall – but not until later this year

The Independent UK

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The Independent UK

Who is Katharine Braddick? The Barclays executive set to lead UK banking regulator

The former director of financial services at the Treasury will replace Sam Woods

The Guardian - UK

Young bearing the brunt of UK tax and wage changes, says BoE economist

Huw Pill warns combined effect of national insurance and minimum wage rises have ‘acute’ effect on youth employment

Evening Standard

March interest rate cut is ‘genuinely open question’, says Andrew Bailey

The governor of the Bank of England said on Tuesday he will need to be confident he has seen ‘enough further evidence’ before backing another cut.

The Independent UK

How the FBI search warrant to raid the Georgia election office was based on debunked conspiracy theories

Affidavit backed by election deniers in the Trump administration fails to include key findings from investigations into 2020 results

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The Guardian - UK

Mandelson revelations show need for tougher UK constraints to resist rule of the rich

Labour must protect democracy and learn lessons from Jeffrey Epstein’s efforts to influence government policy

Evening Standard

US tech malaise and mining deal flop weigh on FTSE

The Bank of England left the bank rate unchanged at 3.75%.

Evening Standard

Interest rates: Why did the Bank stick to 3.75% and what does it mean?

Here, the Press Association examines what the decision means and what the Bank expects to happen to the economy.

Evening Standard

Bank of England holds interest rates but future cuts ‘likely’

It came as the central bank also warned that economic growth is now set to be weaker than previously expected.

The Guardian - UK

Why the Bank of England is holding rates despite a weakening economy

Rising unemployment and falling inflation made a strong case for a cut but Andrew Bailey opted to wait and see

Evening Standard

Interest rates held at 3.75% as Bank cuts UK growth outlook

The central bank said it was keeping rates unchanged to make sure that inflation stays around its target level of 2%.

The Independent UK

How inflation rebound is set to affect UK interest rates

Most economists expect rates to be left unchanged when the Bank’s Monetary Policy Committee (MPC) announces its next decision later this week

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