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The Latest Breaking News from Bank of England

Mark Carney is ace in Rachel Reeves’ already strong hand against Tories

Ex-Bank of England governor’s backing for shadow chancellor shows how far Labour’s economic message has travelled

The Guardian - UK

Ex-Bank of England boss endorses Labour as Rachel Reeves vows to ‘rebuild’ economy after Tory ‘misrule’

Mark Carney says ‘beyond time’ for a Labour government in major coup for opposition

The Independent UK

Gen Z may be left permanently psychologically scarred by high inflation, research says—and it could slow down efforts to bring spiraling costs under control

Experts warned that economic conditions and young people’s expectations could fuel demand that pushes prices even higher.

Fortune

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read the most diverse news in one place.

Rachel Reeves promises ‘iron discipline’ in Labour conference speech as Mark Carney weighs in for shadow chancellor

Former Bank of England governor Mark Carney endorses Rachel Reeves in video message to the Labour party conference in Liverpool

Evening Standard

Metro Bank agrees rescue deal with investors

Lender secures £325m capital from new and existing shareholders and £600m of debt refinancing

The Guardian - UK

UK bonds have hit a 25-year high – here's what that means for the economy

It’s been more than a year since the UK economy was thrown into crisis after then-prime minister Liz Truss suggested making a wealth of unfunded tax cuts in her September 2022 mini-budget. But a recent bond market sell-off has now sent borrowing costs rocketing again, pushing the bond market even…

The Conversation

Bond yields rise after US jobs report smashes forecasts – as it happened

Rolling coverage of the latest economic and financial news, as US non-farm payroll shows surge in hiring last month

The Guardian - UK

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UK house prices have proven more resilient than expected, says Halifax

Despite recent house price falls,the average property value remains more than £39,000 above pre-pandemic levels, Halifax said.

The Independent UK

London house prices down 4.8% as ‘higher for longer’ interest rate fears slow demand, Halifax says

UK house prices were down 4.7% , the Halifax House Price Index found

Evening Standard

Firms will hesitate to invest in UK after Sunak’s climate U-turns, says Mark Carney

Former Bank of England governor says businesses prioritise countries with clean power and consistent strategies

The Guardian - UK

Metro Bank considering raising hundreds of millions from investors

High street lender recently failed to convince regulators it could be trusted to hold less cash against its mortgage risks

The Guardian - UK

Average UK house price £14,500 lower in September than a year earlier

Some experts suggested that the house price downturn may only have a few months left to run, amid wider developments in the economy.

The Independent UK

Number of home buyer mortgage approvals slumped to six-month low in August

Net approvals for remortgaging fell to the lowest level since 2012, the Bank of England said.

The Independent UK

Why central banks should stop raising interest rates

Mortgage borrowers breathed a sign of relief following a recent pause in the Bank of England’s 14-month campaign of base rate hikes.

The Conversation

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Evening Standard

A year after the mini-Budget ‘doom loop’, UK gilts look a lot less stressed

City Voices: Rather than a huge shift to de-risk by locking in the higher yields on offer this year, LDI schemes have been more focused on getting their houses in order

The Conversation

Inflation: I've been analysing the Bank of England's forecasts over the past two years – here's how they got it wrong

The Bank of England (BoE) has been strongly criticised for failing to predict the surge in inflation. Had it done so, it could have reacted more quickly and prevented inflation from rising as high as 11% in autumn 2022.

The Guardian - UK

Banking regulator Sam Woods: ‘This is the most intense period since the 2008 financial crisis’

In an exclusive interview, the head of the Prudential Regulation Authority talks about Credit Suisse, the gilt market meltdown – and stress-testing banks for the climate crisis

The Guardian - UK

UK lenders expected to make further mortgage rate cuts next week

Mounting optimism that home-loan costs have peaked after Bank of England keeps interest rates on hold

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Evening Standard

Hopes for the high street and the economy rise as economic gloom lifts

Better-looking retail sales and consumer confidence numbers are published in same week BOE holds rates

Barchart

Surging Bond Yields Hammer Stocks

What you need to know… The S&P 500 Index ($SPX ) (SPY ) on Thursday closed down -1.64%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed down -1.08%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -1.84%. Stocks on Thursday extended Wednesday’s selloff, with the...

The Independent UK

Martin Lewis issues ‘urgent savers warning’ as Bank of England base rate is held

The MoneySavingExpert.com founder said fixed savings rates could be shaved down but highlighted a tactic that savers could use.

The Independent UK

Rate hike pause ‘will offer some relief to those struggling with housing costs’

The rate pause brings relief to mortgage holders but some finance experts suggested the best cash savings deals may not be around for much longer.

Evening Standard

Peak rates speculation mounts as Bank of England keeps cost of borrowing on hold at 5.25%

Is that it? Could the BOE’s last rate hike be behind it as its inflation fight kicks in?

The Independent UK

UK interest rates stay at 5.25% in surprise move by Bank of England

The Bank of England announcement comes after inflation unexpectedly fell this week

Barchart

Stock Index Futures Plunge on Fed’s Hawkish Stance, BoE Decision in Focus

December S&P 500 futures (ESZ23) are down -0.42%, and December Nasdaq 100 E-Mini futures (NQZ23) are down -0.65% this morning as Treasury yields jumped after the Federal Reserve signaled interest rates would be higher for longer.

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