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The Latest Breaking News from Bank of England

Bank of England boss vows to ‘see the job through’ on reducing inflation

Andrew Bailey to give speech in City of London signalling further interest rate rises are in store

The Guardian - UK

Fresh fears for house prices after fastest drop in 12 years

Average home loses 2.6 per cent of value as Bank of England warned not to ‘tank’ mortgage market with interest-rate rise

The Independent UK

Labour tells Jeremy Hunt his advisers must not undermine Bank of England

Exclusive: Members of Mr Hunt’s Economic Advisory Council said the Bank had ‘tried to be too cute’ by not being clear enough on the need for interest rates hikes

The Independent UK

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Banks recognise savers need more help accessing best rates - FCA

Yesterday saw a flurry of new savings rate announcements from banks and building societies

Insider UK

Bank of England warned 7 per cent interest rates would send shock wave through housing market

A leading economist says there is ‘no need to panic’ as Britain is ‘not in an 07-08 scenario’

The Independent UK

Banks recognise savers need more help accessing best rates, says City regulator

The Financial Conduct Authority said it had held a ‘constructive’ meeting with savings providers.

The Independent UK

Bank of England’s governor accuses retailers of profiteering during cost of living crisis

Andrew Bailey has come out swinging against retailers and backed regulators

Evening Standard

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Housebuilding slump drags construction sector into decline

Higher mortgage rates are taking their toll across the sector

Manchester Evening News

Bank boss Bailey slams petrol companies for overcharging motorists

The Bank of England governor said petrol retailers have been ‘charging too much’

The Independent UK

FTSE 100 hits lowest closing level of 2023 as interest rate rise fears grip markets – business live

FTSE 100 index posts biggest one-day fall since March, as strong US jobs report fuels fears of even higher US interest rates

The Guardian - UK

Bank of England may have to hike interest rates to 7% to curb inflation, economists warn

Fears heighten for UK economy and household budgets as expert says ‘hard landing increasingly likely’

The Independent UK

Why aren’t soaring interest rates bringing down inflation?

Rishi Sunak has blamed the high number of fixed-rate mortgages for his government’s failure to bring down inflation.

The Week

East Midlands bucking dire UK economic trend

Though not out of the woods, regional economy continuing pick-up that began at the start of this year

Birmingham Post

The average five-year fixed mortgage hits six per cent as Bank of England squeezes would-be housebuyers

Interest rate hits worst levels since Liz Truss' implosive 'mini budget' last year

Manchester Evening News

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The Conversation

How the UK's mortgage rescue deal could help or hurt you – in part depending on where you live

Millions of UK mortgage borrowers could experience significant payment shocks this year. This is happening due to a steep rise in the Bank of England’s base rate over the past year to the highest level since 2008. This rate feeds through to many of the mortgage deals taken out by…

The Independent UK

Thousands of businesses can’t afford crippling rates on taxpayer-backed Covid loans

Exclusive: Figures show £26bn was loaned out to around 100,000 firms under the government-backed scheme, but only one in four have paid off the debt

The Guardian - UK

Using austerity economics to crush UK inflation would be a cure worse than the disease

Caution needed rather than panic measures over short-term risks after credibility of government and Bank of England hit

Manchester Evening News

Prime Minister Rishi Sunak says pressure to ease economic pain ‘weighs heavily'

The PM said it was 'going to take time' to fix the situation

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Evening Standard

The Bank of England isn’t giving us the facts we need to question big business

City Voices: Bank ought to be on top of everything. It isn’t.

The Conversation

Interest rate hikes are not the only tool to fight UK inflation – here's what the government should do

Over the past year, interest rates have been rising rapidly around the world. The post-COVID economic recovery and Russia’s invasion of Ukraine caused inflation to reach 10% or more in many countries. Central banks in the US, UK and Europe have fought back by raising interest rates in an attempt…

Barchart

Dollar Sees Support from Hawkish Powell Comments

The dollar index (DXY00 ) on Wednesday rose by +0.40% as the market focused on Fed Chair Powell’s comment that he would not “at all” rule out two consecutive rate hikes. The markets are discounting only one +25 bp rate hike through year-end. Meanwhile, EUR/USD (^EURUSD ) fell -0.41% on...

The Guardian - UK

High interest rates may persist, says Bank of England governor

Andrew Bailey says financial markets expect more rate rises amid continuing high inflation

The Conversation

Five parts of the economy that are hit when house prices fall

UK house price growth is slowing. While prices rose 1.2% in June compared to last year, this is down on May’s 1.9% growth, according to property website Zoopla. Its house price index – which forecasts a 5% fall in house prices this year – also shows that 42% of sellers…

Barchart

Central Bankers Maintain Their Hawkish Bias at ECB’s Policy Forum

Central bank chiefs kept up their hawkish language as they appeared today on a policy panel at the ECB’s policy retreat in Sintra, Portugal. Fed Chair Powell said he won’t take two consecutive rate hikes off the table “at all.” Powell also said, “Policy hasn’t been restrictive for very long....

The Independent UK

Bank of England admits its own forecasts ‘unworkable’ in inflation crisis

Central bank’s model ‘based on last quarter century’, concedes chief economist Huw Pill

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