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The Latest Breaking News from Bank of England

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

Outrage as Tory minister tells Scots to wait weeks for cost-of-living help

Business Secretary Kwasi Kwarteng said he expects an emergency budget from the next prime minister to contain measures to help people.

Daily Record

Seven steps you need to take now to survive the oncoming winter bills storm

The cost of living crisis will accelerate in October with a year of recession forecast - meaning higher bills, higher prices and job cuts

Wales Online

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Recession forecast explained: What you need to know

The UK’s central bank has predicted a long recession and eye-watering inflation

The Independent UK

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

Everything you can do NOW to prepare for ‘devastating’ winter bill shock

Winter is coming and families are being warned of a string of enormous bill hikes. We explain everything you can do to prepare for the huge increases

Daily Mirror

Inflation: why it's happening and why interest rates are going up to combat it

Soaring prices have forced central banks in many developed countries to raise their interest rates in recent weeks. These organisations are in charge of attempts to rein in rising costs that are threatening to wreak havoc on household budgets in coming months.

The Conversation

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What is 'stagflation' and how is it different from inflation as UK faces recession

When an economy is ravaged by high inflation and stagnated growth, economists brand it 'stagflation' to describe the nightmare combination. The UK economy is heading that way

Daily Mirror

Interest rates: How will student loans be affected?

Bank of England’s dire new forecast sparks recession fears

The Independent UK

Amazon workers walk out for second day in pay dispute

Staff at the warehouse in Bristol are protesting in response to a 35p-an-hour pay rise being offered by the tech giant

Birmingham Post

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

ITV Good Morning Britain makes 'empty chair' dig as government minister fails to show up

"So if any ministers are watching, we're ready when you are. It's a very crucial day...for all our viewers looking for answers about what needs to be done."

Manchester Evening News

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

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Insider UK

Average Scottish house price hits record high

Wider housing market shows signs of slowing, as economic pressures ramp up

Evening Standard

Soaring inflation stokes sharp rise in companies suffering critical financial distress

Over 500,000 companies in distress as Repayment of Covid-support loans adds to pressure

The Independent UK

Interest rates – live: Bank of England confirms rise to 1.75% as inflation to hit 13%

UK to enter ‘deep and protracted’ recession, Bank warns

The Independent UK

Tax remains key divide as leadership campaigns respond to economic outlook

Liz Truss’s campaign has argued for implementing tax cuts quickly, while the Sunak campaign has warned against too much borrowing.

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The Guardian - UK

Sunak defends taking money from deprived urban areas as he faces latest hustings with Liz Truss – as it happened

Candidates face Tory members in Eastbourne; former chancellor, who was filmed saying he tried to divert funds from ‘deprived urban areas’, says it was sensible

Reuters

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.

The Guardian - UK

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 Independent 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

Daily Mirror

Millions face mortgage 'time bomb' of rising prices - see how much more you'll pay

Experts have warned that households face paying thousands of pounds more a year when they do come to remortgage, as rates continue to rise off the back of the Bank of England hike

Daily Mirror

Kwasi Kwarteng says 'AWOL' PM 'on top of' economic crisis and argues 'I’m here, in a suit'

Business Secretary Kwasi Kwarteng claimed holidaying Boris Johnson and Chancellor Nadhim Zahawi were 'completely on top of what's happening' after Bank of England issued dire warnings

The Guardian - UK

No emergency cost of living help for at least a month, says minister

Business secretary Kwasi Kwarteng says support will not be introduced until ministers return to work

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