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The Latest Breaking News from Bank of England

Inflation and recession, we’re taking a trip back to the chaotic Seventies

Imagine, for just a moment, you’re an economic policymaker tasked with managing the path of an economy. Now envisage a set of economic conditions that makes your task near-enough impossible. That, unfortunately, is where many real-life policymakers find themselves today. There’s too little growth but there’s also too much inflation.…

Evening Standard

Huge change to mortgages kicks in today - see how it affects your chances of buying a home

The affordability "stress test" for mortgages - where you had to prove you could keep up your repayments if your rate was to rise - has been scrapped by the Bank of England from today

Daily Mirror

UK businesses slash investments due to soaring prices and Brexit

As many firms are now planning to cut investment as to increase it, latest polls find

The Guardian - UK

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If recession hits the UK, a base rate rise is the last thing we need

This week’s decision on interest rates will be fraught, but many think Britain is heading the same way as the US

The Guardian - UK

Venezuela's Guaidó wins UK court ruling in battle over gold

Venezuelan opposition leader Juan Guaidó has won a U.K. court ruling in a battle over $1 billion in gold bullion held in the Bank of England

The Independent UK

Now cost of TEA rises including Tetley and Pukka in latest cost of living blow

New research has found Tetley, Twinings and Pukka have all crept up in price over the last few weeks - some by as much as 75p per box - as the cost of living crisis continues

Daily Mirror

Consumer credit races ahead as UK households struggle to cope

People borrowed an extra £1.8bn in June, up from £900m in May, Bank of England figures show

The Guardian - UK

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Credit card use increases at fastest rate since 2005 as saving nosedives

Credit card borrowing has risen rapidly

Wales Online

Credit card debt surges by £1bn as households grapple with rising bills

Card borrowing grows at fastest pace in 17 years, Bank of England reports

The Independent UK

Britain's High Court rules against Venezuela's Maduro in latest gold battle

Britain's High Court rejected Nicolas Maduro's latest efforts on Friday to get control of more than $1 billion of Venezuela's gold reserves stored in the Bank of England's underground vaults in London.

Reuters

Credit card borrowing increased in June at fastest annual rate since 2005

Households deposited around a third of the amount in June that was put into banks, building society and NS&I accounts in May.

The Independent UK

Co-op Bank gives staff £1,000 pay rise to help with cost of living and rising bills

Employees at the Co-operative Bank are to receive a £1,000 pay rise to help them with rising bills from this September. Around 95% of its employees will be eligible for the boost

Daily Mirror

The difference between the Tory candidates’ tax plans? One is bad, the other is really bad

Neither has the first idea of what they’re doing. Truss’s proposal does little for those who need it, and Sunak’s is a desperate U-turn, says Larry Elliott, the Guardian’s economics editor

The Guardian - UK

Australian super funds must pressure companies to cut emissions, former Bank of England chief says

Mark Carney says a strong government commitment to net zero is a ‘prerequisite’ before the community can make real progress

The Guardian - AU

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Manchester Evening News

Every homeowner urged to look out for mortgage rule change that will come into force from August

First-time buyers may benefit most from the change in rules

Daily Mirror

Major mortgage rule shake up coming in days - what it means for first-time buyers

Borrowers must currently show they can continue to repay their loan even if, hypothetically, their interest rate went up by three percentage points above the reversion rate

Chronicle Live

Banks and building societies to stop mortgage stress-tests from next week

This so-called mortgage stress test was introduced to ensure borrowers did not take on unaffordable debt

Nottingham Post

Homeowners warned over mortgage rule changes from August 1

An affordability test for mortgage lending will be dropped by the Bank of England from August 1.

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news in one place.

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The Guardian - UK

Two sides of Trussonomics: tax cuts and higher interest rates

Select band of economists back Liz Truss’s tax plan, but Rishi Sunak’s team say it could cost homeowners £6,600 a year

Daily Mirror

'Quiet and shy British lad' ended up facing 200 years in America's worst prison

Shaun Attwood, now 53, headed up a multi-million dollar drug empire before finding himself coming face-to-face with some of America's toughest and most dangerous criminals

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 Guardian - UK

‘It’s been tough’: UK mortgage brokers chase deals as interest rates soar

Advisers and banks struggle with demand as buyers chase dwindling number of low-rate mortgages

Liverpool Echo

'Quiet lad from Widnes' ended up facing 200 years in America's worst prison

Shaun Attwood, dubbed "The Bank of England" headed a multi million dollar drug empire

The Guardian - UK

Rishi Sunak or Liz Truss? Whoever wins faces a bleak economic outlook

Inflation and a cost of living crisis mean the new PM will have little time to produce a feelgood factor

Tribune News Service

Truss pledges to scrap EU rules if she wins race to be UK leader

Liz Truss vowed to scrap all remaining EU laws by the end of 2023 if she becomes prime minister, as she vies for votes with Rishi Sunak in their battle to win the Conservative Party leadership election and succeed Boris Johnson.

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