The Latest Breaking News from Bank of England

Andrew Bailey says economy is in ‘period of very heightened tension and alertness’

Other prospective bidders, Andrew Bailey said, either never submitted a firm offer or attached terms the Bank couldn’t agree to

Watch as Bank of England governor Andrew Bailey speaks to the Treasury committee about Silicon Valley Bank (SVB) after its £1 rescue by HSBC.

Treasury committee holds hearing on the sudden collapse of Silicon Valley Bank this month

The Bank of England raised its main interest rate for the eleventh time in a row to 4.25% at its March meeting. At its previous meeting in February the Bank was optimistic about the prospects for inflation in the coming year, saying: “We expect inflation to fall quickly this year.”

Letter: Research showing that most price increases came from ‘companies seeking to maintain profit margins’ has not been noticed by the Bank, writes Bernie Evans

Governor Andrew Bailey has had to accept that the economy is resilient, but he’ll still find reasons to keep interest rates high

Critics of corporate behaviour over the pandemic and Ukraine war say company profit and loss accounts tell their own story

His comments follow a surprise increase in inflation earlier this week and the Bank of England's decision to raise interest rates - the 11th rise in a row - from 4% to 4.25%.

Andrew Bailey says interest rates will have to rise again unless inflation falls

Governor states optimistic outlook that the UK can avoid a recession, after being on a 'knife edge' last month