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The Latest Breaking News from Bank of England

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

Daily Mirror

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

The Guardian - UK

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Next PM will have to find ‘many more billions to help households pay soaring energy bills’

Think tank also warns public services will need more investment

The Independent UK

Average UK house price falls month on month for first time since June 2021

Following a year of exceptionally strong growth, house prices fell by 0.1% month on month in July, Halifax said.

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

GMB airs footage of empty chair as no minister shows up despite economy crisis

Despite the dim news of the Bank of England's 'doomsday' forecast of recession, no one from the Government turned up to Good Morning Britain to shed light on the forecast

Daily Mirror

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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

Tory leadership - live: Sunak warns ‘we’ll lose election if inflation rampant’ as Truss heckled

Former chancellor says he’s ‘particularly worried’ about policies that worsen crisis after protesters interrupt foreign secretary

The Independent UK

Key moments as Truss and Sunak face Tory members in TV debate

Both interviewed by Sky News presenter Kay Burley

Wales Online

‘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

What the papers say – August 5

The papers on Friday focus solely on the expected recession as readers are told to ‘batten down the hatches’.

The Independent UK

UK braces for long recession after biggest interest rate hike in 27 years, ASX rises to two-month high

Australian shares rise to their highest level in two months, after oil prices sink to their lowest level since before Russia's invasion of Ukraine, and the Bank of England announces its biggest interest rate hike in 27 years and warns of a long recession for Britain.

ABC News

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The Independent UK

Key moments as Truss and Sunak face grilling from Tory members during TV debate

The two Tory leadership hopefuls took part in Sky News’ The Battle For Number 10.

Daily Mirror

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

The Guardian - UK

Sunak scorns Truss’s claims that tax cuts can avert recession

Tory leadership rivals disagree on how to turn economy around and avoid predicted downturn in Sky news debate

Reuters

Sunak and Truss clash over recession warning in debate

British foreign minister Liz Truss clashed over the future of the economy with former finance minister Rishi Sunak on Thursday as the two contenders to be Britain's next prime minister debated the Bank of England's warnings of a long recession.

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The Independent UK

Sunak accuses Truss of plans that would pour ‘fuel on the fire’ of recession

Rival insists shrinking economy is not ‘inevitable’

Evening Standard

Andrew Bailey hits back at claims Bank of England too slow to raise interest rate

The shocking assessment of the economy has reset the backdrop for the Conservative leadership contest

The Independent UK

Truss insists recession not inevitable as Sunak warns she will make things worse

Rishi Sunak warned pouring ‘fuel on the fire’ could create ‘misery for millions’ as he hit out at his Tory leadership rival’s plans.

Daily Mirror

Liz Truss defends not taxing obscene oil profits as she pledges NHS shake-up

The wannabe Prime Minister was challenged during a Sky News husting event over whether she would back a windfall tax on companies such as Shell, and said she would not apologise to Nicola Sturgeon

Evening Standard

Conservative leadership debate LIVE: Liz Truss says there is no need to balance books ‘prematurely’ despite interest rate rise

The Foreign Secretary claimed that her tax cuts would help to repay public debt back in the long-term

Benzinga

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%.

Daily Mirror

Boris Johnson and Nadhim Zahawi 'missing in action' amid dire recession warning

The Chancellor was said to be “working remotely” from a family break, while the PM and wife Carrie have reportedly jetted off on a delayed honeymoon to Slovenia - as the Bank of England issued a bleak recession warning

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