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The Latest Breaking News from Bank of England

Wall Street tumbles on Fed worries, pound slumps

New York (AFP) - After breathing a sigh of relief when the Federal Reserve held off on signaling more aggressive measures ahead to fight inflation, Wall Street tumbled on Thursday amid renewed anxiety over rising interest rates, while the pound slumped on fears of a UK recession.

AFP

$57 billion wiped from Australian market, Wall Street rout as Dow plunges 1,000 points, Nasdaq loses 5pc

The ASX plunges by nearly $60 billion after Wall Street stocks plummet, as investors worry about the need for larger interest rate increases to stem inflation, while the Bank of England raises rates for a fourth time.

ABC News

All you need to know about 1% base rate and how it will hit your pocket

From mortgages to savings, we look at what the latest Bank of England forecast means for you and your finances. Already sky-high energy bills are set to soar even more

Daily Mirror

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Cost of living now bleakest since the 1980s - yet still no help for families

Households around the country are facing a cost of living crisis as inflation and energy bills continue to go up, but Boris Johnson and Rishi Sunak are not helping people

Daily Mirror

How will higher interest rates and inflation affect you?

How will homeowners and property buyers be affected by Thursday’s gloomy economic forecast?

The Independent UK

The fudging is over, as monetary policy committee predicts 10.2% inflation

The pound slides following gloomy forecasts and confusion within the Bank of England

The Guardian - UK

Martin Lewis issues mortgage warning to homeowners as interest rates increased

The MoneySavingExpert warned how mortgage repayments will become more expensive after the Bank of England raised interest rates earlier today.

Daily Record

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Pound slumps, Wall Street tumbles

London (AFP) - The pound slumped Thursday after the Bank of England flagged a possible recession and double-digit inflation, while Wall Street tumbled after having jumped the previous day on the Federal Reserve holding back on aggressively raising rates.

AFP

Bank of England raises rates and warns of recession

Were I the UK’s governing party, I would choose not to have my central bank raise interest rates, predict double-digit inflation and warn of a recession halfway through polling day. But such are the joys of Bank of England operational independence.

Evening Standard

Martin Lewis issues mortgage warning to homeowners as interest rates reach new high

The Money Saving Expert tweeted after the Bank of England raised interest rates from 0.75 percent to one percent amid soaring inflation

Bristol Post

East Midlands Chamber warns of growing concerns over impact of interest rises on business confidence

Bank of England has warned inflation will hit 10 per cent and growth will contract in the final three months of 2022

Birmingham Post

Economists warn on stagflation but conflicted on future rates rises

Experts are predicting further rates rises but warn it will be difficult for the Bank of England to control inflation without risking recession.

The Independent UK

What the Bank of England's rise in interest rates could mean for your mortgage

Interest rates are now at the highest level in 13 years

Manchester Evening News

Pound slumps after tepid BoE rate hike

London (AFP) - The pound tumbled after the Bank of England raised interest rates by just a quarter of a percentage point despite surging inflation, while oil prices jumped after OPEC+ only modestly hiked production.

AFP

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The Guardian - UK

What the Bank of England’s base rate rise means – in numbers

The interest rate going up to 1% has implications for borrowers and savers. Here’s how it could affect you

Wales Online

Will my mortgage go up? What the Bank of England interest rate rise means for you

Interest rates have hit 1% - their highest level for 13 years

The Independent UK

Interest rates: What are they and how do they affect inflation?

The Bank of England has raised interest rates to their highest level in 13 years

The Guardian - UK

Recession: the price Britain will pay to control inflation

Analysis: As the Bank of England raises interest rates the message is clear – the 1970s are back

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Evening Standard

Mortgages: Bank of England raises interest rates to 1% — here’s what it means for you

First-time buyers are being “clobbered on all sides” as interest rate hikes mean it will be harder to get a mortgage.

Birmingham Post

Alarm for cost-squeezed firms as interest rates hiked to 1%

Rising costs will hammer household and business finances, but the Bank said “this was something monetary policy was unable to prevent”.

The National (Scotland)

Bank of England hikes interest rates and issues recession warning

UK interest rates have been raised amid warnings the economy will go into reverse and that inflation will peak at more than 10.

Daily Mirror

Martin Lewis issues mortgage warning to millions of homeowners as interest rates rise

Martin Lewis has warned how mortgage repayments will get more expensive for those on variable deals after the Bank of England raised interest rates from 0.75% to 1% this afternoon

Manchester Evening News

Interest rates soars to 13-year high as Bank of England warns energy bills will soon hit £2,800

It is a crippling cost of living crisis

Daily Record

Bank of England warns of recession in UK as interest rates hiked to 1%

The Bank of England increased interest rates as it battles against rising inflation and warns that the economy will go into reverse this winter.

The Independent UK

How will the Bank of England base rate rise affect you?

The rate has been hiked to a level not seen since 2009.

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