The Latest Breaking News from Bank of England

Gap narrowing since Brexit referendum finally closes, according to Bloomberg

‘The need for tax rises, spending cuts, wouldn’t be there, if Brexit hadn’t reduced the economy’s potential output’

In today’s newsletter: Days before the Chancellor’s budget on Thursday, the government has an energy crisis, rising poverty and strikes to handle – and it could get worse

The Bank of England increased the base rate to the highest level in 14 years

Spending cuts and tax rises will deepen the recession so the pain will be deferred until 2025 and a likely Starmer government

The succession of PMs have all spoken out on who or what has caused the state of UK finances. They’re all partly right, but conveniently miss out one or two other key reasons

Another three months of falling growth would mean a recession, with the Bank of England warning it could be the longest downturn for a century

Chancellor warns of ‘eye-watering’ decisions to come

Today’s figures confirm what the forecasters and the Bank of England have already predicted: the British economy is shrinking. GDP contracted by 0.2 per cent between July and September, as spiralling prices and energy bills impacted households and businesses.