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The Latest Breaking News from Bank of England

Inflation rises to fresh 40-year high of 9.4%

Inflation hit a fresh 40-year high in June when it rose to 9.4 per cent, official figures have revealed.

Evening Standard

EU to cut gas use by 15%; UK inflation rises for ninth month in a row to 9.4% – as it happened

EU says Russia ‘likely’ to halt gas supplies, while in the UK, milk, cheese, eggs, vegetables and ready meals become more expensive

The Guardian - UK

Chancellor promises post-Brexit ‘big bang’ for City in move to ditch EU finance laws

Bank of England uneasy over deregulation plans, as Nadhim Zahawi pledges to ‘unleash growth’

The Independent UK

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If Liz Truss’s big idea really is to remodel monetary policy, expect markets to take fright

Tory leadership candidate must clarify her comments on independence of Bank of England – and sharpish

The Guardian - UK

Half-point interest rate rise ‘on the table’ next month, says Bank of England chief

Andrew Bailey also announces plan to sell off some of Bank’s bonds stock to reinforce effect of higher rates in tackling inflation

The Guardian - UK

Inflation expected to have soared even higher in June as cost crisis ramps up

Economists are forecasting the latest figures from the Office for National Statistics will show Consumer Prices Index (CPI) inflation rose in June.

The Independent UK

Deregulation of the UK financial sector on top of a fragile economy will be disastrous

The government must face the reality that the oversized City is fundamentally broken, says Fran Boait of campaign group Positive Money

The Guardian - UK

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Mortgages set to rise with fears interest rates could top 2% to keep inflation under control

The warning comes from Michael Saunders a member of the Bank’s rate-setting Monetary Policy Committee, who claimed aggressive action was needed now

Chronicle Live

Get set for inflation to reach another 40-year high

Pressure for bigger interest rate rises likely to follow multi-decade highs for rising prices

Evening Standard

UK interest rates could top 2% in next year, says Bank of England’s Saunders

Monetary policy committee member says Bank must act to prevent high inflation becoming embedded

The Guardian - UK

Homeowners warned interest rates could soar over 2 per cent

Millions of homeowners have been put on notice of a higher than expected rise in interest rates over the next year as one of the Bank of England’s rate setters said they may have to be lifted to 2 per cent or higher to tame soaring inflation.

Evening Standard

Interest rates could hit 2% or higher in the next year, says Bank policymaker

Outgoing Monetary Policy Committee member Michael Saunders said increases ‘still have some way to go’ in order to get inflation under control.

The Independent UK

Oil climbs after Biden fails to secure Saudi output hike – as it happened

Brent crude prices pushed past $100 per barrel after US president Joe Biden failed to secure output hike agreements with the world’s top oil exporter

The Guardian - UK

The US’s selfish war on inflation will tip the world into recession

As the Fed raises interest rates, dollar-denominated loans become an unsustainable burden to states around the globe

The Guardian - UK

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The Guardian - UK

Andy Haldane: we can fix the cost of living crisis. But will we?

The Bank of England’s former chief economist has a clear idea of what caused the current inflation mess, but fears the UK lacks any clear plan for solving it

The Guardian - UK

Economics made simple: 10 experts on where the cost of living crisis came from, and where it’s heading

Rampant inflation, war in Ukraine, Brexit… we ask 10 experts to explain what the economic crisis means for Britain and how we should respond

Reuters

New UK finance minister Zahawi to address banks and investors on July 19

Britain's new finance minister, Nadhim Zahawi, will address the City of London's financial sector in a speech on July 19, organisers of the annual Mansion House event said on Thursday.

Evening Standard

Pound suffers as American inflation spike spooks currency markets

The Bank of England has space for more aggressive rate rise due to positive GDP figures

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Birmingham Post

"Tough times" to continue in UK economy, Bank of England deputy governor warns

Sir Dave Ramsden was speaking on a visit to Newcastle where he said it was the Bank's main priority to bring inflation down to 2%

Evening Standard

First strong signs of slowdown in housing market

New buyer enquiries drop and interest rates are bound to increase

The Independent UK

Securing a mortgage or other credit ‘set to get tougher over the summer’

Lenders expect default rates on mortgages and other loans to increase, according to the Bank of England’s Credit Conditions Survey.

Reuters

Venezuelan gold legal battle resumes in London

A long-running legal battle between Venezuelan President Nicolas Maduro and opposition leader Juan Guaido over who should hold the key to more than $1.5 billion of gold stored at the Bank of England resumed at the London High Court on Wednesday.

Evening Standard

UK High Court to decide battle for Venezuela’s gold reserves

A titanic battle between warring politicians in Venezuela for control of the country’s £1.3 billion gold bullion reserves is being heard by a High Court judge in London this week.

The Conversation

Why wages should keep up with inflation: the economic case for getting a pay rise

The recent sharp rises in inflation have effectively put an end to three decades of relative price stability in the UK. The prices of most goods and services have gone up and could go even higher.

Evening Standard

Tom Tugendhat has the drive to tackle vested interests like the Bank of England, says MP

The former Army officer says the country needs ‘a serious government for serious times’

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