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The Latest Breaking News from Bank of England

New UK Prime Minister Liz Truss inherits an economic storm

Britain’s new prime minister has pledged to rebuild the economy and “ride out the storm” gathering over the country, but Liz Truss faces a daunting job

The Independent UK

Cost of living crisis: why plans to reform the Bank of England won't help it stop spiralling inflation

The UK cost of living crisis has been building since early 2021. At 10.1%, the current rate of consumer price inflation is the highest in 40 years and the Bank of England believes it could pass 13% in October.

The Conversation

Kwasi Kwarteng assures City of support for Bank of England independence

New chancellor promises City bosses ‘radical’ plan for economic growth and smooths over Truss’s threat to review Bank’s remit

The Guardian - UK

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We need to be prepared for what Trussonomics will mean

What we are about to get is the exact opposite of Thatcherism: an inflationary boom where we try to live beyond our means, but delivered with Thatcheresque determination, writes Sean O’Grady

The Independent UK

Bank of England chief says recession still ‘likely’ – but welcomes ‘clarity’ on energy bills

‘It’s important that there is clear way forward on policy’, says governor Andrew Bailey on Liz Truss plan

The Independent UK

Liz Truss in a race against time to ease cost-of-living crisis

Deputy Prime Minister Therese Coffey says Cabinet must deliver ‘at pace’ to tackle mounting energy crisis

Evening Standard

We need to be prepared for what Trussonomics will mean

What we are about to get is the exact opposite of Thatcherism: an inflationary boom where we try to live beyond our means, but delivered with Thatcheresque determination, writes Sean O’Grady

The Independent UK

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UK PM Liz Truss Faces An Economic Crisis: Is Crypto-Friendly Policy In The Cards?

Liz Truss, the 56th Prime Minister of the United Kingdom and Northern Ireland, is the third woman to hold the position after she received 81,326 votes to former Chancellor of the Exchequer Rishi Sunak's 60,399.

Benzinga

Major warning on economy as gilt yield curve turns upside down

UK government debt market sends ominous and closely-watched warning on darkening economic outlook

Evening Standard

Patrick Minford: maverick economist who inspired Truss and Thatcher

Brexiter tells Guardian that new PM understands need for tax cuts and orthodoxy must be challenged to revitalise economy

The Guardian - UK

Energy bill freeze would mean shallower UK recession, but borrowing fears drive up gilt yields – as it happened

Concerns that Liz Truss’s energy price freeze will drive up UK borrowing have pushed 10-year gilt yields to the highest in over a decade

The Guardian - UK

UK facing 1970s-style balance of payments crisis under Liz Truss

Tax cuts and spending pledges could alarm global markets and trigger a 30% collapse in sterling, Deutsche Bank warns

The Guardian - UK

UK economy on brink of recession as Truss takes over, figures show

Activity in manufacturing and services fell last month as businesses struggle with soaring costs

The Guardian - UK

Liz Truss: these two daunting challenges sit right at the top of the new prime minister's in-tray

Liz Truss is set to be confirmed as the new British prime minister after a lengthy and intense leadership contest against former chancellor Rishi Sunak. But the UK faces significant economic problems this autumn that might leave the new PM wishing she hadn’t fought so hard for the job.

The Conversation

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Wales Online

Liz Truss expected to make an announcement on energy bills this week if she becomes PM

"Not all of those decisions will be popular but I will be honest about what we will have to do"

Reuters

UK's Truss a 'great believer' in Bank of England independence

Foreign minister Liz Truss is a "great believer" in the independence of the Bank of England and its responsibility to determine policy on inflation, she said on Sunday.

Glasgow Live

All the changes coming in September - from number plates to expiring bank notes

There are a whole host of new changes coming into force in Scotland this month, with six important dates to mark on your calendar when it comes to things being updated.

Reuters

Explainer-Next UK leader to inherit an economy in a bind

Britain's next prime minister - who will be announced on Monday - will inherit an economy that is forecast to go into a long recession later this year with inflation at a 40-year high and limits on the options for getting growth going again.

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Reuters

Analysis-Market mayhem awaits Britain's new leader

Liz Truss, on course to become Britain's prime minister on Monday, looks set to walk straight into a financial market firestorm that she will have to act fast to extinguish.

The National (Scotland)

A 'Union dividend'? Here's what this year's GERS figures actually mean

LAST week the Scottish Government released their yearly Government Expenditure and Revenue Scotland (GERS) report, the most intensely discussed set…

Evening Standard

Time to cut interest rates, not raise them as economic gloom deepens

City Voices: Former MPC member says Liz Truss needs to flip flop

Manchester Evening News

One month warning for people still using old £20 and £50 notes

Paper notes are due to be replaced by the end of September, the Bank of England warned

Bristol Post

Mixed Bristol house price prediction as UK forecast to fall into recession

The experts have forecast what they think will happen with property prices over the next few months

Nottingham Post

10 money changes for September including £326 cost of living payment

Dates and details explained

The Independent UK

House price growth cools as property market loses momentum, Nationwide says

Annual growth slowed to 10% in August, down from 11% in July, amid early signs of the cost-of-living crisis putting pressure on budgets.

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