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The Latest Breaking News from Bank of England

Chancellor says mini budget ‘is not a gamble’ as pound plunges

Kwarteng defends massive tax cuts and borrowing as spooked markets leave pound at new 37 year low

Evening Standard

Half of Kwarteng’s cuts to personal tax will go to richest 5%, say experts

Thinktank says someone earning £1m will gain £40,000 as top rate, basic rate and national insurance reduced

The Guardian - UK

Pound sinks in reaction to huge UK stimulus

LONDON: The British pound plunged to a 37-year low and stocks sank after the government delivered the most sweeping tax cuts since 1972, as economists warned that the ambitious plan was unsustainable at a time when inflation is rampant.

Bangkok Post

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Mini budget 2022: experts react to the new UK government's spending and tax-cut plans

UK chancellor Kwasi Kwarteng has just launched the biggest package of tax cuts in half a century. This will involve around £45bn of reductions for people and businesses by 2027 – 50% more than anticipated before the mini-budget announcement.

The Conversation

This ‘mini-budget’ is a naked exercise in redistributing wealth upwards

Kwarteng’s borrowing spree will have ugly economic consequences, says Michael Jacobs of Sheffield University

The Guardian - UK

Pound plummets to fresh 37-year low as markets are spooked as mini-budget unveiled

Sterling declined to a new 37 year low of $1.0899

Evening Standard

Pound plummets as Kwasi Kwarteng sets out biggest raft of tax cuts for 50 years

The Chancellor abolished the top rate of income tax for the highest earners.

The Independent UK

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Stamp duty cut ‘could spectacularly backfire’ first-time buyers warned

Today’s stamp duty changes will be welcomed by London first-time buyers, however buying incentives risk increasing demand and may see a surge in prices

Evening Standard

What does Kwasi Kwarteng’s stamp duty cut mean for house prices?

Rather than reducing overall buying costs there are concerns the stamp duty cut will push up house prices

Evening Standard

Warning to anyone with £20 and £50 as bank notes to expire within days

The notes will no longer be legal tender after September 30.

Daily Record

Mini-budget ‘missed opportunity’ to help culture and night-time sectors

Industry groups have responded to the Chancellor’s announcement in the House of Commons.

The Independent UK

The key points of the mini Budget, U-turns and what's been scrapped

A series of U turns have been made on the widely slammed mini Budget unveiled by Kwasi Kwarteng in September.

Birmingham Post

Chilling warning from respected economist about Liz Truss's borrowing binge to pay for her tax cuts

He fears a 1970s-level financial crisis

Wales Online

What is inflation and what is its current rate in the UK and Europe?

UK inflation fell this week as fuel prices dropped

The Independent UK

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The Independent UK

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

The Guardian - UK

Friday briefing: What to expect from Kwasi Kwarteng today

In today’s newsletter: The newly appointed chancellor will deliver his first ‘fiscal event’ in Parliament today – but will it make a difference?

The Conversation

Energy crisis: why government support for businesses could harm the economy in the long run

The UK government hopes to protect businesses and public sector organisations against spiralling energy costs with a package that parallels the price cap and support payments recently promised to households. But these significant interventions come with a large and imprecise price tag that raise serious doubts about the government’s future…

The Guardian - UK

Five charts that will underpin chancellor’s mini-budget

From soaring inflation and gas prices to tax take and national debt, these are the trend lines that frame Kwasi Kwarteng’s calculations

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The Guardian - UK

UK in recession and further interest rate hikes probable, Bank of England warns

Threadneedle Street makes clear on eve of tax-cutting mini-budget that plans risk triggering more rate rises

Glasgow Live

Paper £20 and £50 bank notes will expire within days as urgent deadline warning issued

An urgent warning has been issued to anyone with paper bank notes from the Bank of Scotland and Bank of England as the deadline to use them is just round the corner.

France 24

Bank of England warns UK 'may be in recession' as it hikes interest rates

The Bank of England has warned that the UK economy may already be in recession, as it hikes interest rates for the seventh time to combat the spiralling pace of price rises. Inflation is still hovering nearly 40-year highs at just under 10 percent. Meanwhile, Turkey's central bank continues its…

The Independent UK

Martin Lewis warns savers ‘be prepared to switch banks’ after interest rate hike

UK ‘already in recession,’ Bank of England says

Manchester Evening News

Martin Lewis issues advice on how interest rate hike will affect mortgages and savings

The money-saving expert took to Twitter to share his thoughts on the Bank of England's announcement

The Guardian - UK

What does the Bank’s interest rate rise mean for people’s finances?

From mortgages and the housing market to credit cards and loans, half-point increase will have an impact

Evening Standard

The Leader podcast: ‘We may already be in recession’

Brace yourselves, the Bank of England says we may already be in recession.

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