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The Latest Breaking News from Bank of England

Interest rates are rising – so why are mortgage rules being scrapped?

Analysis: Bank ruling that borrowers no longer have to show they can afford steep repayment hikes raises questions over how to curb excessive borrowing

The Guardian - UK

Bank of England faces one of its toughest-ever interest rate decisions as UK heads towards recession

Rates expected to rise again, by 0.25% or 0.5%, increasing costs for millions of borrowers

The Independent UK

How to exchange old paper banknotes

The public are being encouraged to exchange any old notes that will expire this year

Manchester Evening News

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When do the old £20 and £50 notes expire?

People are being encouraged to either spend or deposit their paper notes before the expiration date

Manchester Evening News

Bank of England scraps mortgage affordability test

Test required potential homebuyers to prove they could afford three-percentage-point rise in interest rates

The Guardian - UK

RBA expected to hike rates by another 50 basis points to slow inflation

Market wrap: The RBA is widely expected to lift the cash rate by 50 basis points to 1.85 per cent as part of its commitment to slow inflation.

The New Daily

Major rule change for people trying to get a mortgage comes into effect today

The major shake-up sees affordability tests scrapped

Wales Online

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Major Bank of England mortgage rule changes today – here’s how it will affect homebuyers

Some people may find it easier to get a mortgage from Monday

Bristol Post

Inflation and recession, we’re taking a trip back to the chaotic Seventies

Imagine, for just a moment, you’re an economic policymaker tasked with managing the path of an economy. Now envisage a set of economic conditions that makes your task near-enough impossible. That, unfortunately, is where many real-life policymakers find themselves today. There’s too little growth but there’s also too much inflation.…

Evening Standard

Huge change to mortgages kicks in today - see how it affects your chances of buying a home

The affordability "stress test" for mortgages - where you had to prove you could keep up your repayments if your rate was to rise - has been scrapped by the Bank of England from today

Daily Mirror

UK businesses slash investments due to soaring prices and Brexit

As many firms are now planning to cut investment as to increase it, latest polls find

The Guardian - UK

If recession hits the UK, a base rate rise is the last thing we need

This week’s decision on interest rates will be fraught, but many think Britain is heading the same way as the US

The Guardian - UK

Venezuela's Guaidó wins UK court ruling in battle over gold

Venezuelan opposition leader Juan Guaidó has won a U.K. court ruling in a battle over $1 billion in gold bullion held in the Bank of England

The Independent UK

Now cost of TEA rises including Tetley and Pukka in latest cost of living blow

New research has found Tetley, Twinings and Pukka have all crept up in price over the last few weeks - some by as much as 75p per box - as the cost of living crisis continues

Daily Mirror

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The Guardian - UK

Consumer credit races ahead as UK households struggle to cope

People borrowed an extra £1.8bn in June, up from £900m in May, Bank of England figures show

Wales Online

Credit card use increases at fastest rate since 2005 as saving nosedives

Credit card borrowing has risen rapidly

The Independent UK

Credit card debt surges by £1bn as households grapple with rising bills

Card borrowing grows at fastest pace in 17 years, Bank of England reports

Reuters

Britain's High Court rules against Venezuela's Maduro in latest gold battle

Britain's High Court rejected Nicolas Maduro's latest efforts on Friday to get control of more than $1 billion of Venezuela's gold reserves stored in the Bank of England's underground vaults in London.

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The Independent UK

Credit card borrowing increased in June at fastest annual rate since 2005

Households deposited around a third of the amount in June that was put into banks, building society and NS&I accounts in May.

Daily Mirror

Co-op Bank gives staff £1,000 pay rise to help with cost of living and rising bills

Employees at the Co-operative Bank are to receive a £1,000 pay rise to help them with rising bills from this September. Around 95% of its employees will be eligible for the boost

The Guardian - UK

The difference between the Tory candidates’ tax plans? One is bad, the other is really bad

Neither has the first idea of what they’re doing. Truss’s proposal does little for those who need it, and Sunak’s is a desperate U-turn, says Larry Elliott, the Guardian’s economics editor

The Guardian - AU

Australian super funds must pressure companies to cut emissions, former Bank of England chief says

Mark Carney says a strong government commitment to net zero is a ‘prerequisite’ before the community can make real progress

Manchester Evening News

Every homeowner urged to look out for mortgage rule change that will come into force from August

First-time buyers may benefit most from the change in rules

Daily Mirror

Major mortgage rule shake up coming in days - what it means for first-time buyers

Borrowers must currently show they can continue to repay their loan even if, hypothetically, their interest rate went up by three percentage points above the reversion rate

Chronicle Live

Banks and building societies to stop mortgage stress-tests from next week

This so-called mortgage stress test was introduced to ensure borrowers did not take on unaffordable debt

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