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The Latest Breaking News from Bank of England

Bank of England will raise interest rates again, says chief economist

Huw Pill says there is ‘still more to do’ on tackling inflation despite risks of prolonged recession

The Guardian - UK

Santander improves interest rate on flagship 123 current accounts

The new rate of 1.75% will automatically apply from Tuesday.

The Independent UK

Bank of England’s chief economist warns of more interest rate rises to come

Huw Pill warns we ‘cannot declare victory’ yet against inflation

The Independent UK

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More interest rates rises to come, warns Bank of England economist

Huw Pill, chief economist at the Bank of England, said we ‘cannot declare victory’ yet against inflation.

The Independent UK

Large tax rises from Jeremy Hunt ‘could put UK at risk of deeper slowdown’

Such a move may force Bank of England to rethink interest rates approach, says its chief economist

The Guardian - UK

The black hole in Britain’s public finances is a myth

Letters: The strictures of neoliberalism must be thrust aside and public money used for the public good, says Mary Mellor. Plus letters from Colin Hines, Kevin Donovan and Patricia Borlenghi

The Guardian - UK

Political intervention would undermine City regulators, says FCA

Watchdog tells MPs plans to allow ministers to amend regulations would dent UK’s reputation

The Guardian - UK

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Millions of homes have no cash to fall back on as cost of living crisis wipes out savings

Nine million Brits have no cash at all in the bank to help with unexpected costs as prices soar, with no other option that to get into debt, financial experts say

Daily Mirror

Rising interest rates: why the Bank of England has increased rates again and what to expect next

The Bank of England has increased UK interest rates by 0.75%, the biggest increase in 30 years. A year ago the interest rate was 0.1%, today it is 3%.

The Conversation

Stephen King: Has the Bank of England learned nothing from its errors on inflation?

How many times over the past two years has the Bank of England forecast a significant, lasting problem with inflation? The answer is “never”. Yes, the Bank is prepared to accept that inflation might be rather punchy at any one moment in time. The Bank will even acknowledge that inflation…

Evening Standard

Jeremy Hunt plans £35bn spending cut amid recession warning OLD

Britain could be plunged into its longest recession since 1930s, Bank of England warned

The Independent UK

Britain is on a highway to hell – and the Tories are about to make life even harder

Some may believe that things can’t get much worse, but more tax rises and cuts to public spending will soon rid them of that illusion

The Guardian - UK

We’ve a dire lack of workers, and putting a load of them on the dole won’t help

The real reason for last week’s rate rise was to boost unemployment and keep a lid on wage demands. But the government could instead increase the supply of labour

The Guardian - UK

Sunak vows to protect mortgage holders but says he can’t ‘do everything’

Prime minister declares inflation ‘number one enemy’ and promises to rebuild trust in government

The Guardian - UK

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Daily Mirror

Former Bank of England Governor says Brexit partly to blame for soaring interest rates

Mark Carney, who ran the central bank until March 2020, said the UK’s decision to leave the EU had devalued the pound which put upward pressure on inflation

Birmingham Post

The recession can be a chance to do things differently

Although the UK Government is dealing with critical fiscal challenges, there is no reason why it cannot also focus on wider economic policies that could help grow the economy

Evening Standard

London’s small firms ‘set to bear brunt of recession’

The rise in mortgage costs is expected to have a huge knock on effect on consumer demand as home owners cut back on their spending

Bristol Post

Interest rates rising has sparked end of Bristol's overbidding property war

Bristol's property market is notoriously fiesty, but what do experts predict the impact of the Bank of England's interest rate rise will have on house prices and first-time buyers?

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The Guardian - UK

UK mortgage rate rises ‘will put extra 400,000 people in poverty’

Analysis from Joseph Rowntree Foundation also finds rents for new lets could rise sharply

The Independent UK

Carney doubles down on claims Brexit has taken a toll on UK economy

But Downing Street insists sky-high inflation is being driven by global factors such as Covid and the war in Ukraine.

Evening Standard

Mark Carney doubles down on claim that Brexit has shrunk UK economy

Former Bank of England governor Mark Carney has defended his bleak warnings that Brexit would devalue sterling and add to inflation ahead of a recession.

The Independent UK

House prices: Should I sell my home before property values plunge?

Prices are set to drop by 10 per cent next near, some estate agents warn as Bank set to hike rate again

Glasgow Live

Mortgage repayment calculator: How much your monthly bill will be as interest rates soar

The Bank of England has pushed its base rate from 2.25 to three per cent - the highest for 14 years, leading to mortgage costs to soar. Here's how to check your monthly bill.

The Independent UK

Rishi Sunak reviewing Northern Powerhouse Rail and other infrastructure projects

There has also been speculation that the Sizewell C nuclear power plant could be delayed or scrapped.

Evening Standard

The Standard View: Governing is about choices, never more so than in tough times

The grim economic news keeps coming. Yesterday the Bank of England raised interest rates by 0.75 percentage points, its highest single hike in more than three decades. And that was just the start.

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