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The Latest Breaking News from Bank of England

Property experts encouraged by 'green shoots' as mortgage approvals rise

Home-buyer mortgage approvals have increased for the first time in six months

Manchester Evening News

Mortgage approvals to home-buyers increase for first time in six months

Some 43,500 mortgages were approved for house purchase in February, up from 39,600 in January, according to Bank of England figures.

The Independent UK

Credit Suisse aided tax evasion, says US Senate committee; Bank of England reports UK banks are ‘resilient’ – as it happened

US Senate committee’s findings come on the day UBS appoints ex-boss Sergio Ermotti as new CEO to steer Credit Suissse takeover

The Guardian - UK

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Silicon Valley Bank collapse was fastest since Barings in 1995, Bank of England governor says

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

The Independent UK

Bank of England chief: HSBC was only reasonable bidder for Silicon Valley Bank UK

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

Evening Standard

Watch as Bank of England governor speaks to Treasury committee on SVB rescue

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

The Independent UK

SVB collapse was ‘fastest since Barings’, Bank of England says, in call for vigilance – as it happened

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

The Guardian - UK

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Rising inflation will continue to cause political headaches for the government, but also for the Bank of England

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.”

The Conversation

Myopia in the Bank of England over companies’ profiteering

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

The Guardian - UK

So things are getting better – but it’s no thanks to the Bank of England

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

The Guardian - UK

Greedflation: are large firms using crises as cover to push up their profits?

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

The Guardian - UK

Bank of England chief warns firms hiking prices could lead to higher interest rates

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%.

Daily Mirror

Bank of England boss urges firms to hold back price rises or risk higher rates

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

The Guardian - UK

Interest rates will rise again if businesses raise prices – Bank of England boss

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

Insider UK

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The Guardian - UK

Deutsche Bank shares tumble as fresh banking sell-off grips Europe and US – as it happened

Stock markets and oil fall amid fears over Germany’s biggest bank

Evening Standard

Interest rates will rise again if businesses hike prices, Bank of England boss warns

His comments come after interest rates were lifted to 4.25% from 4%.

The Independent UK

What the papers say – March 24

Friday’s front pages feature a range of topics.

Zenger

Bank Of England Hikes Interest Rates To 4.25%: Pound Edges Higher, UK Stocks Hold Steady

The Bank of England raised interest rates by 25 basis points to 4.25% as the Pound edges higher and the UK Stock hold steady

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The Independent UK

The Bank of England has just raised interest rates. What does that mean for your mortgage?

Tens of thousands of borrowers will face repayments hundreds of pounds higher a year

Al Jazeera

Bank of England raises interest rates to 4.25%

The UK’s central bank announces 11th consecutive interest rate increase as it focuses on fighting inflation.

Barchart

Stocks Rebound as Bank Stocks Stabilize

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +1.08%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.78%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.87%. U.S. stock indexes this morning are moderately higher as...

The Conversation

Why mortgage rates will not return to recent lows any time soon

The Bank of England base rate has increased steeply from 0.25% in January 2022 to 4.25% in March 2023. More than 4 million UK households now have significantly higher mortgage costs as a result, while also dealing with the impact of soaring prices for other items such as food and…

Wales Online

Interest rate rise another 'body blow' to household finances, says debt charity

Mortgage borrowers on deals which track the base rate will now see nearly £24 per month added to their costs on average

The National (Scotland)

Mortgage payers 'hammered' as Bank of England hikes interest rates

INTEREST rates have been pushed up for the eleventh time in a row to 4.25 per cent, the highest rate for 14 years.

The Independent UK

‘Latest body blow to household finances’ as Bank of England base rate raised

Thursday’s base rate increase will add around £23.71 per month or more than £284 per year to the average tracker mortgage, industry figures show.

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