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The Latest Breaking News from Bank of England

Raising interest rates will cause more bankruptcies and redundancies, expert warns

The Bank of England is trying to use higher borrowing costs to cool runaway inflation - but the timing was slammed by ex-MPC member Professor Blanchflower, who said he would vote to cut rates instead

Daily Mirror

Nearly two-thirds say rising interest rates worry them

Younger people were much more likely to have faced financial difficulties in the last six months, according to an Ipsos poll.

The Independent UK

Interest rate rise could squeeze first time buyers

The average monthly payment could rise to £1,000

Liverpool Echo

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UK inflation could reach 15% by start of 2023, experts say

Resolution Foundation says Bank of England likely to forecast higher and later peak, on eve of interest rates decision

The Guardian - UK

Exactly how much your mortgage could rise by if interest rates are hiked this week

Mortgage prices are set to soar if the Bank of England hikes base rate tomorrow as predicted, with people on variable rate homeloans set for the quickest price rises

Daily Mirror

UK house prices: history says the market is in for a long slowdown not a crash

It’s going to be easier to get on the property ladder following a recent decision by the Bank of England to relax some of the criteria for getting a mortgage. Combined with expectations of a slowdown in the property market, this news will be something of a relief to those…

The Conversation

Inflation to hit ‘astronomical’ 15% next year as UK households face £3,600 energy bills

Bank of England expected to hike interest rates by 0.5% to tame out of control price rises fuelled by Russia’s war in Ukraine

The Independent UK

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More financial pain to come as experts warn inflation could hit 15 per cent

Interest rates are expected to rise as the Bank of England tries to tackle spiralling inflation

Wales Online

Half a million facing mortgage timebomb as London homeowners hit with 0.5% interest rate rise

Worst payment hikes in London and South-East as fixed deals end

Evening Standard

UK inflation will soar to ‘astronomical’ levels over next year, thinktank warns

The rise will force the Bank of England to hike interest rates higher and for longer than previously expected, says NIESR

The Guardian - UK

Corporate insolvencies hit highest level since 2009 amid mounting recession fears

It follows warnings from the Bank of England that the UK’s economic outlook had ‘deteriorated materially’

Evening Standard

The cost of the average house in Wales versus average annual disposable income

A recent report by ONS shows that the average home in Wales cost around £176,000 in 2021, while the average disposable income was around £29,356 a year

Wales Online

Mortgage rules eased as Bank of England scraps affordability test

Bank of England says change should not be seen as a ‘relaxation of the rules’

The Independent UK

UK house prices rising at 11% a year despite cost of living crisis

Average price of a home was £271,209 last month after the 12th monthly rise in a row, says Nationwide

The Guardian - UK

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The Independent UK

‘Surprising momentum’ in housing market as prices increase by 11% annually

Nationwide Building Society said it expects the market to slow in the months ahead.

Chronicle Live

Bank of England urges people to check their cash as paper £20 and £50 notes set to expire next month

People have just a few weeks to spend or deposit their old bank notes before they are withdrawn as legal tender

The Guardian - UK

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 Independent 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

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Manchester Evening News

How to exchange old paper banknotes

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

Manchester Evening News

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

The Guardian - UK

Bank of England scraps mortgage affordability test

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

The New Daily

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.

Wales Online

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

The major shake-up sees affordability tests scrapped

Bristol Post

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

Evening Standard

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.…

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