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The Latest Breaking News from Bank of England

Inflation spike 'extremely worrying' for struggling Scots, Kate Forbes says

SCOTLAND’S Finance Secretary has warned the state of the UK’s economy is “extremely worrying” as inflation hit a new 40-year high.

The National (Scotland)

Inflation in UK hits 40 year high with more Scots households left struggling

Food and fuel prices are rising at their fastest rate in 40 years and many Scots are struggling to make ends meet.

Daily Record

U.K. inflation rate hits a new 40-year high of 9.1%

The increase is in line with analysts' expectations and comes as the Bank of England says inflation could hit 11% in October, when a cap on domestic energy bills is lifted.

WEKU

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What 9.1% inflation means for your money - and five items rising fastest in price

UK inflation has hit 9.1% in further misery for struggling households as the cost of living crisis deepens in the UK. But what does high inflation mean?

Daily Mirror

UK inflation hits 9.1% in new 40-year high as cost of living crisis deepens

The consumer prices index (CPI) measure of inflation rose in the 12 months to May to 9.1% - its highest level since 1982, as the cost of living crisis continues

Daily Mirror

UK inflation rises to fresh 40-year peak of 9.1% as cost of living crisis worsens – as it happened

Higher food, energy and record petrol prices push up inflation in May, as bread, cereal and meat become more expensive

The Guardian - UK

Brexit is making cost of living crisis worse, new study claims

EU withdrawal fuelling higher import costs and costing British workers nearly £500 a year, says Resolution Foundation

The Guardian - UK

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GPB Looks Cheap - But For Good Reason

I’m tempted to look at a higher time frame chart of GBP/USD and say it looks cheap. Whether the pound has fallen due to the flash crash or COVID-19 concerns, buyers have always been quick to snap up GBP/USD anywhere between 1.24 and 1.16 levels. That might ultimately hold out…

Benzinga

UK mortgage lenders told to ditch affordability test for potential buyers

Potential homeowners could find it easier to be approved for a mortgage as lenders are allowed to scrap an affordability test, the Bank of England has confirmed

Daily Record

Mortgage rules to change for buyers in two months

The Bank of England has confirmed the change to mortgages

Liverpool Echo

Mortgage rule to be axed next month - but experts warn it may be bad for buyers

Lenders will no longer be required to check you can afford a more expensive mortgage than the one you're getting

Bristol Post

Mortgage affordability shake-up confirmed for buyers - what it means for you explained

The Bank of England has confirmed it is pushing ahead with scrapping a mortgage affordability test - despite interest rates climbing and fears that it could push house prices higher

Daily Mirror

Bank policymaker calls for faster rate rises to prevent weak pound fuelling inflation

Catherine Mann says Bank of England’s MPC is in danger of falling behind rival central banks

The Guardian - UK

Would a wage/price spiral cause inflation to run out of control?

Treasury officials’ fear that rising pay in pursuit of rising prices will create a vicious circle may be unjustified

The Guardian - UK

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The Guardian - UK

Average SVR paid by UK mortgage borrowers hits highest level in 13 years

Standard variable rate reached 4.91% at the start June – before last week’s rise in base rate by the Bank of England

Wales Online

Is there any way of escaping recession? Three top economic minds have their say

The labour market is going to be key to how the UK economy performs in the coming months

The Guardian - UK

UK mortgage lenders told they can scrap affordability rule for buyers

Bank of England feels other measures will play stronger role in guarding against household debt

Evening Standard

Mortgage affordabilty tests: Bank of England abandons ‘stress test’ recommendation for mortgage approvals

The change could help some borrowers get loans but strict loan-to-income limits remain in place

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Evening Standard

In the race to catch up with inflation, the Bank of England lags behind

In greyhound races, the hare always wins. The greyhounds settle for the minor places. Head to Romford and you might catch tonight’s last race, in which Our Boy Walker is scheduled to go head-to-head with, among others, Bubbly Maniac. May the best dog come second.

Wales Online

Mortgage affordability rule to be axed from August 1

Aim is to get more first-time buyers on the property ladder

The Independent UK

Mortgage affordability rule will be ditched from August

Other rules in place should deliver appropriate resilience to the UK financial system but in a simpler more predictable way, the Bank of England said.

Daily Mirror

Workers won't get inflation-busting pay hike as biggest rail strike in decades looms

Treasury Minister Simon Clarke said the strike was 'likely' to go ahead but insisted ministers won't get round the table to resolve the dispute over pay and redundancy

The Guardian - UK

Heathrow asks airlines to cancel 10% of flights, as easyJet cuts summer schedule – as it happened

UK travel chaos deepens

Evening Standard

London house prices: property market rises year on year but beginning to slow

House prices continue to rise year-on-year but have fallen compared to last month as the market begins to slow

The Guardian - UK

UK government needs long-term plan for higher wages, not a fight with workers

While Boris Johnson plays politics, Britain’s public sector is fraying at the seams

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