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The Latest Breaking News from Andrew Bailey

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

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

The Guardian - UK

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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.

WEKU

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 - UK

‘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

The Guardian - AU

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

Daily Mirror

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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%.

Benzinga

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

Evening Standard

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 Independent 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

The Guardian - UK

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

Daily Mirror

The Guardian view on the economy: a mess the Bank is making worse

Editorial: A hike in interest rates does nothing to stifle inflationary pressures and adds to the pain for firms and households

The Guardian - UK

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The Guardian - UK

Interest rates are rising – so why are mortgage rules being scrapped?

Analysis: Bank ruling that borrowers no longer have to show they can afford steep repayment hikes raises questions over how to curb excessive borrowing

Evening Standard

Why nobody is interested in rising interest rates

Mortgage interest rates are set to rise significantly over the coming months, and this will be brutal for many UK households. But talking up the coming crisis makes forecasters deeply unpopular—and actually the more it’s talked about, the worse it may get, argues Greg Marsh

The Independent UK

City watchdog failed British Steel pension savers, MPs say

The Financial Conduct Authority has been criticised by MPs on the the Public Accounts Committee.

The Guardian - UK

The Guardian view on the UK economy: what an almighty mess

An unprecedented number will spend this winter choosing between freezing and starving. Britain needs an active state to help

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The Independent UK

UK inflation surges to new 40-year high of 9.4%

Inflation in the United Kingdom has accelerated to a new 40-year high, driven by rising food and fuel prices that are contributing to a cost-of-living crisis

The Guardian - UK

UK inflation rise is worrying but Bank of England must not overreact

Analysis: Figure is being generated by factors outside Britain, and households and firms can do without burden of higher interest rates

The Guardian - UK

Half-point interest rate rise ‘on the table’ next month, says Bank of England chief

Andrew Bailey also announces plan to sell off some of Bank’s bonds stock to reinforce effect of higher rates in tackling inflation

The Independent UK

Outlook for economy has ‘deteriorated markedly’ due to soaring prices, Bank of England warns

Households and lenders can weather storm caused by energy price spike, says Bank

Evening Standard

Bank of England to test the UK banking system on ‘deep’ recession

Financial institutions must set aside more money to absorb coming economic shocks

The Independent UK

Parents dipping into children’s savings to pay soaring bills, poll finds

Britons are lifting around £8.5m a day from their children as costs continue to soar, survey found

Evening Standard

Barclays gives 35,000 staff a £1200 pay boost to help with cost of living

Barclays is to give 35,000 UK staff a £1,200 pay rise in August to help them cope with the soaring cost of living.

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