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The Latest Breaking News from Bank of England

UK recession fears swirl as factory output falls and house prices slide – as it happened

Nationwide reports average house prices fell 3.8% in year to July, biggest annual drop in 14 years, while manufacturers suffer worst month of 2023

The Guardian - UK

Recession fears as house prices slump and manufacturers suffer worst month since lockdown

Price of a typical home is now 4.5 per cent below the August 2022 peak

The Independent UK

UK house prices fall at fastest annual rate in 14 years

The price of a typical home is now 4.5% below the August 2022 peak, Nationwide Building Society said.

The Independent UK

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Consumer lending jumps to five-year high as squeezed households rely on credit

But in better news for the housing market, mortgage approvals ticked up unexpectedly in June despite borrowing costs continuing to rise.

The Independent UK

Banks with lowest savings rates to face ‘robust action’, warns UK financial watchdog

FCA gives banks four weeks to justify savings rates as it lays out 14-point plan to monitor treatment of customers

The Guardian - UK

Former US Federal Reserve chair to lead Bank of England review on economic forecasts

Ben Bernanke, the former chairman of the U.S. Federal Reserve, will lead a review of the Bank of England’s economic forecasting amid concern that inaccurate predictions about growth and inflation hampered the central bank’s efforts to combat Britain’s cost-of-living crisis

The Independent UK

Bank of England calls in Nobel Prize winner and ex-Fed boss Bernanke to find out why its predictions are wrong

As chair of the Federal Reserve during the finanial crisis and a Nobel Prize winner, Ben Bernanke is among the world’s most well-known economists

Evening Standard

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Bank of England set to incur £150bn loss from bond sales after interest rate rises

Bill will need to be paid by the Treasury from current spending, hitting Whitehall departmental budgets

The Guardian - UK

One in four new UK homebuyers under 25 rely on ‘bank of mum and dad’ – study

Research by Bank of England economist reveals huge scale of parental support in housing market

The Guardian - UK

More bigger and cheaper OLED TVs are on the cards thanks to LG’s deal with Samsung

Big OLED TVs could be about to get a whole lot cheaper thanks to the expansion of a historic deal between Samsung and LG.

TechRadar

UK housing market forecast to avoid slump despite zero growth in prices

Rents jump by record 5.1% in a month as rental market struggles to meet demand from priced-out buyers

The Guardian - UK

What does the UK’s falling inflation rate mean for you?

Whether you are working or retired, a homeowner or business owner, here is all you need to know

The Guardian - UK

UK inflation falls by more than anticipated to 15-month low of 7.9%; may limit interest rate hikes

Inflation in the U.K. has fallen by more than anticipated to a 15-month low a development that may ease the pressure for the Bank of England to raise interest rates sharply over the coming months, to the potential relief of struggling households

The Independent UK

Bank of England’s Ramsden warns inflation ‘remains much too high’ after falling to 7.9% in June - as it happened

FTSE 100 jumps and gilt yields tumble after larger-than-expected drop in UK inflation last month

The Guardian - UK

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The Week

What the controversial triple lock means for state pensions

With a general election looming next year, the major political parties have committed to keeping the controversial “triple lock” system on state pensions, even as payments may be set to soar.

The Week

Fixed-rate or tracker mortgages: which is best as rates rise?

As mortgage rates hit 15-year highs, deciding whether to opt for a fixed-rate mortgage or a tracker in the hopes that rates eventually drop can be conundrum.

Evening Standard

Bank of England pays staff bonuses after its own calls for wage restraint

BOE paid out £25 million in bonuses last year, according to Open Democracy

Evening Standard

City fears of global slowdown mount as China’s rebound falters

Closer to home, inflation woes add to feeling of unease ahead of the latest CPI reading this week

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The Independent UK

Skyrocketing interest rates forcing more households into debt, charity finds

1.7 million households set to remortgage in 2024 are anticipated to see their annual repayments rise by over £3,000 on average

The Guardian - UK

Grant Shapps appears to row back on supermarket petrol prices law

Energy secretary backs voluntary price comparison scheme in meeting with supermarket bosses rather than new law

The Guardian - UK

UK mortgage rates stabilise for first time since May; Rising interest rates knock £2.1tn off household wealth – as it happened

UK mortgage rates held steady today, as a new report shows that rising interest rates have reversed rise in household wealth

The Independent UK

Britons hit by biggest fall in wealth since Second World War

Spiralling interest rates have caused wealth to tumble by £2 trillion, says think tank – but says young people could still be ‘winners’ if house prices fall

The Guardian - UK

June drop in UK inflation expected but heat still on Bank of England

City economists predict annual rate will fall from 8.7% recorded in April and May but will still be higher than in eurozone

The Guardian - UK

Economic ‘Bazball’ will have replaced UK’s safety-first approach to inflation and growth by 2025

Rishi Sunak used just-go-for-it route in Covid crisis but Treasury and Bank of England now play with straightest of bats

Evening Standard

Bank of England in interest rate rise dilemma after cloudy GDP picture

There was something in the data for both the doves and the hawks on the Monetary Policy Committee

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