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The Latest Breaking News from Bank of England

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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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 Conversation

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 Independent 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

The Guardian - UK

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

Manchester Evening News

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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.

Evening Standard

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…

The Conversation

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...

Barchart

High interest rates may persist, says Bank of England governor

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

The Guardian - UK

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…

The Conversation

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....

Barchart

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

The Independent UK

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Manchester Evening News

Homeowners forced to cut asking prices to sell homes as 5 percent mortgage rates spark 'tipping point'

Millions of people are already bearing the brunt of the Bank of England's latest interest rate hike

Daily Mirror

UK facing a YEAR-LONG recession if interest rates are increased again, experts warn

Economists at Bloomberg are expecting a 'shallow' recession as the Bank of England puts up interest rates - but the experts believe this will likely by over by next year's election

The Guardian - UK

Bank of England’s quantitative easing scheme let ‘inflation take root’

UK economy became reliant on cheap money due to the Bank’s actions, warns former permanent secretary to the Treasury

Liverpool Echo

£23,000 warning to anyone with a mortgage

Monthly mortgage repayments are skyrocketing

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news in one place.

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The Guardian - UK

Thames Water CEO quits in shock departure; UK supermarkets deny profiteering; Brexit ‘fuelling inflation’ – as it happened

Thames Water has announced that Sarah Bentley has resigned as chief executive of the company.

Evening Standard

Strong spending at Primark eases fears on economy but adds to inflation worries

Associated British Foods, the chain’s owner, ups profit forecasts

Evening Standard

Bank of England’s Andrew Bailey is out of tune with reality on pay rises

City comment: Is the Governor of the Bank of England a Glastonbury fan? He keeps singing the same old tune

Manchester Evening News

Martin Lewis says banks are 'profiteering' after being bailed out in 2007

It comes as interest rates hiked to 5 percent last week

The Independent UK

Bank of England boss must go if he doesn’t change course, says senior Tory

‘Maybe it’s time to look for someone else who’s got a better plan’, says Jake Berry

The Independent UK

Row as Ben Elton uses BBC to label Sunak ‘narcissistic sociopath’

Row over use of comedians on political show, as Tories complain following Joe Lycett outburst nine months ago

Daily Mirror

Pay rises for fat cat bosses blamed for inflation amid 'scapegoating' of workers fury

The salaries of the top 10% has outstripped the rest of the workforce - but the Bank of England has sparked anger by appearing to blame wage demands from low and mid earners and the Government may overrule public service pay bodies

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