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The Latest Breaking News from Bank of England

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

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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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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

The Guardian - UK

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.

Reuters

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

Evening Standard

"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%

Birmingham Post

First strong signs of slowdown in housing market

New buyer enquiries drop and interest rates are bound to increase

Evening Standard

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.

The Independent UK

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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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The Guardian - UK

Euro a whisker from dollar parity; Heathrow caps passenger numbers amid travel disruption – as it happened

Euro slides to a 20-year low of $1.0001 on anxiety that Europe will fall into recession, as Heathrow introduces limit on summer holiday passengers

Reuters

Analysis-Tax-cut talk in UK leadership race adds to inflation angst

Promises of tax cuts from candidates to succeed British Prime Minister Boris Johnson pose another inflationary risk which could pressure the Bank of England to raise interest rates more aggressively, cancelling out any potential boost to the economy.

The Guardian - UK

China lockdown worries hit stocks; Uber and Twitter shares fall; Wizz Air to cut more flights – as it happened

Shares hit as China try to quell resurgent Covid-19 outbreaks, while shares in Twitter drop after Musk tries to cancel takeover, and Uber is hit by leak

Financial Times

The mystery of how quantitative tightening will affect markets

Central banks are starting to shrink their balance sheets, but fund managers say they have no clue as to how QT will play out

The Guardian - UK

Tory turmoil keeps Bank of England in the dark on tackling crisis

Policymakers can only wait and see how the next prime minister’s tax and spend policies will affect the economy

The Conversation

UK political resignations: the current uncertainty could affect the economy for nearly two years

The recent dramatic events that led to the resignation of UK prime minister, Boris Johnson, on July 7 2022 raise the issue of how politics – and economic policy uncertainty more specifically – affects the UK economy. The answer, of course, is that it does, and sometimes for as much…

The Guardian - UK

Bank official sounds alarm over ‘free-lunch’ City deregulation

Insurance regulator says post-Brexit softening of rules will put billions of pounds of pension saving at risk

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