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The Latest Breaking News from Bank of England

Autumn statement 2022: experts react

UK chancellor Jeremy Hunt laid out his plans for the British economy today. The statement was made against a backdrop of a more than 40-year inflation high and recession warnings from the Bank of England.

The Conversation

Pound falls as Jeremy Hunt announces tax rising Autumn Budget

The pound fell 0.9 per cent as the chancellor delivered the long-awaited Autumn Statement

The Independent UK

What are stealth taxes?

Chancellor Jeremy Hunt delivers Autumn Statement to Parliament laying out package of tax rises worth £24bn and spending cuts of £30bn to plug massive public funding black hole

The Independent UK

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Five charts that will shape the UK’s autumn statement

Plans are afoot to cut government borrowing with the economy on the brink of recession and the highest inflation for decades

The Guardian - UK

Inflation: how to improve official predictions – by asking the public

The eagerly awaited autumn financial statement from UK prime minister Rishi Sunak and chancellor Jeremy Hunt includes a key ingredient: a report from the Office for Budget Responsibility (OBR) on the predicted overall effects of the government’s policies on the economy. This is something the Liz Truss government studiously avoided…

The Conversation

Inflation hits staggering 11.1% in October as Rishi Sunak warns it’s the ‘enemy we need to face down’

Energy bills drive inflation to 41-year high

Evening Standard

Inflation hits 11.1% in new 41-year high as energy bills rocket - what it means for you

Inflation is used to show how much the prices of everyday goods and services have increased over time - when it increases, it means the cost of living is becoming more expensive

Daily Mirror

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The Guardian view on mass unemployment: inflation will drop without this pain

Editorial: Policymakers are wrong to think rising joblessness and a recession are a price worth paying

The Guardian - UK

North East unemployment reaches record low but concerns over inactivity

The annual report from the North East LEP has been released alongside national figures on unemployment

Birmingham Post

G20 watchdog says bank climate stress tests may understate exposures

Reuters

Jeremy Hunt’s austerity budget: necessity or political choice?

The chancellor insists Britain has to ‘live within its means’ – but many economists say painful cuts are neither inevitable nor proven to work

The Guardian - UK

Brexit to blame for return to austerity, says leading economist

Former Bank of England policymaker Michael Saunders claims that the UK economy has been ‘permanently damaged’ by leaving the EU

Wales Online

Paris overtakes London as Europe’s largest stock market

Gap narrowing since Brexit referendum finally closes, according to Bloomberg

The Independent UK

Brexit ‘damage’ is cause of ‘austerity budget’, says ex-Bank of England economist

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

The Independent UK

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The Guardian - UK

What is happening to the UK homebuying and rental markets?

House prices for buyers have started to fall, while housing rents have reached record highs

The Guardian - UK

Brexit a major cause of UK’s return to austerity, says senior economist

Former Bank of England policymaker Michael Saunders says leaving EU has ‘permanently damaged’ economy

Evening Standard

Next up is Jeremy Hunt as blockbuster week for the economy heads into the Autumn Statement

Thursday’s Westminster set-piece from Chancellor Jeremy Hunt is the main event in a big week for inflation, jobs and tax

The Independent UK

Boost for savers as some average rates hit best level in more than a decade

Savers can now typically receive 1.16% in annual interest on an easy access account, which is the highest typical return since 2009, Moneyfacts said.

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The Guardian - UK

Monday briefing: The UK has slumped into recession once more – how will Sunak and Hunt respond?

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 Independent UK

Martin Lewis explains what interest rate hikes mean for mortgage bills

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

The Guardian - UK

What does the autumn statement have in store? A poison pill for Labour

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

The Guardian - UK

Truss? Brexit? Covid? Who is really to blame for the Tories’ ‘fiscal hole’?

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

Daily Mirror

Austerity 2? No, thank you! Jeremy Hunt warns about another brutal era of cuts in Budget

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

The Independent UK

Tory tensions over autumn statement erupt as UK heads for recession

Chancellor warns of ‘eye-watering’ decisions to come

Evening Standard

The Standard View: Autumn Statement pain is coming, but we need a long-term prosperity plan

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.

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