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The Latest Breaking News from Bank of England

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

The Guardian - UK

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

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.

Evening Standard

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Mortgage affordability rule to be axed from August 1

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

Wales Online

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.

The Independent UK

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

Daily Mirror

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

UK travel chaos deepens

The Guardian - UK

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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

Evening Standard

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

The Guardian - UK

Cost of living crisis 2022: How to cope with the rise in prices

Millions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. Kate Ng turns to financial experts for advice on how to deal with it all

The Independent UK

As house prices hit an all-time high, home ownership is a pipe dream for many

The extension of the right to buy scheme by Prime Minister Boris Johnson could make the situation worse

Chronicle Live

We face a global economic crisis. And no one knows what to do about it

Central banks rode to the rescue of nervous investors for years. But now they are raising rates just as the world economy spirals downwards

The Guardian - UK

Cost of living crisis 2022: How to cope with the rise in prices

Millions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. Kate Ng turns to financial experts for advice on how to deal with it all

The Independent UK

Stocks Waver, Oil Prices Fall on Recession Fears

Stock markets wobbled and oil prices sank on Friday amid growing fears that inflation-fighting interest rate hikes by central banks could trigger recession. Investors were shaken this week after the US Federal Reserve unleashed its biggest hike in borrowing costs for almost 30 years to tackle red-hot consumer prices, AFP…

Asharq Al-Awsat

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The Independent UK

High street lenders increase mortgage rates by more than Bank of England

Borrowers are seeing their costs rise but savings rates remain low

The Guardian - UK

Fight against inflation raises spectre of global recession

Analysis: Interest rate cuts show central banks willing to plunge economies into recession to halt price rises

The Guardian - UK

Bank of England ready to take ‘forceful’ action on inflation, says chief economist

Central bank on high alert to raise interest rates more aggressively if needed, says Huw Pill

The Conversation

Is a major recession unavoidable? Three economists give their views

We are in a double bind right now. Prices are going through the roof but all the signs suggest that the economy is weakening. The answer to higher prices is normally to raise interest rates, but this also induces people and firms to spend less money. The challenge for central…

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Evening Standard

Londoners face biggest mortgage hit after interest rate rise

London homeowners will be hardest hit by this week’s rise in interest rates, according to new research released on Friday.

Glasgow Live

HSBC, Nationwide, Santander and more confirm when mortgages will go up

Those on a tracker rate mortgage will see their interest rates go up automatically - high street banks have started to confirm the dates when customers will be hit with higher costs

The Conversation

The latest Bank of England rate rise won't do much to tackle inflation - here's what could work

There wasn’t much dramatic tension as markets waited for the Bank of England’s latest decision on interest rates. The fifth monthly quarter-point hike in a row was largely expected, taking the base rate to 1.25% in June 2022. All the announcement really revealed, in fact, was what a mess UK…

Nottingham Post

Mortgage rate rise options for homeowners after Bank of England decision

Millions of people are facing higher repayments after the base rate rose once again

Nottingham Post

Barclays, Santander and other banks confirm when mortgage interest rates will go up

Millions of homeowners are set to be affected by the rise

Daily Record

Martin Lewis issues urgent energy bill warning to every household over tariff fixes ahead of next price cap

The clock is ticking if you want to reduce the impact of the next hike.

Daily Mirror

Northern Tories tell Boris Johnson to cut taxes or risk an election wipeout

Influential backbencher Jake Berry said parties that fail to listen to their voters face 'political annihilation' as he calls on the PM to lower taxes

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