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The Latest Breaking News from Bank of England

Douglas Ross squirms amid grilling over Tory tax cuts crashing economy

Douglas Ross faced tough questions over the fall-out from the Chancellor's mini-budget

The National (Scotland)

Strong US dollar an unstoppable force endangering other currencies

New York (AFP) - The dazzling rise of the US dollar, which has hit one record after another, is raising fears of a currency crash of a severity not seen since the 1997 Asian financial crisis reverberated around the world.

AFP

Thousands of Londoners face £10k mortgage blow as interest rates soar

Bank of England independence was no one’s first choice. Margaret Thatcher never did it, John Major preferred to devolve power to the German Bundesbank than grant it to Threadneedle Street. Because the power to set interest rates is an awesome one.

Evening Standard

From analysis to the latest developments in health,
read the most diverse news in one place.

How Kwasi Kwarteng’s budget-busting growth plan turned into week from hell

Tories head to conference with rocketing mortgage rates, a sterling crash and a 33-point poll lead for Labour

The Guardian - UK

Stock Market Falls, S&P 500 Hits Bear Lows; Biogen, Nike, Micron Are Key Movers: Weekly Review

The major indexes fell, with the S&P 500 breaking below bear market lows. Biogen soared on an Alzheimer's drug while Nike dived.

Investors Business Daily

Why IMF comments on the UK economy spooked traders and investors

Everyone from political pundits to people on the street have issued forth on the new UK government’s tax cut-laden growth plan recently. But it was a rare public rebuke from the International Monetary Fund (IMF) that really impacted financial markets.

The Conversation

Liz Truss: are the Conservatives facing an electoral meltdown?

The Conservative party is heading into its annual conference amid the catastrophic fallout from Chancellor Kwasi Kwarteng’s mini-budget. The decision to cut tax without a plan to pay for it caused a sharp fall in the value of the pound on currency markets, which reached an all-time low against the…

The Conversation

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'Out of his depth': Kwarteng urged to quit as Chancellor after destroying economy

CHANCELLOR Kwasi Kwarteng is being urged to quit after taking a “wrecking ball” to the UK’s finances.

The National (Scotland)

Explainer: Why Did The Bank Of England Lay Down $72B To Prevent A 'Lehman Moment'?

The UK’s central bank unpacked a whopping £65 billion ($72 billion) on Wednesday in a desperate attempt to steer the economy back to stability.

Benzinga

How Kwasi Kwarteng’s mini-budget hit UK economy – in numbers

Reckless ‘fiscal event’ may have damaged Liz Truss’s government beyond repair

The Guardian - UK

Warning as people have 12 hours to spend £20 and £50 notes

Paper notes will be worthless by tomorrow

Liverpool Echo

Property slowdown seen as red flag for sector amid mortgage crisis

The monthly pace of house price growth slowed for the first time since July 202

Evening Standard

OBR will deliver forecast soon after meeting with Liz Truss and Chancellor

THE Prime Minister and Chancellor will “work closely” with the Office for Budget Responsibility (OBR) in the coming weeks and said they…

The National (Scotland)

House prices: why a fall isn’t certain and wouldn’t help first-time buyers much anyway

The UK remains a nation of homeowners, with two-thirds of all dwellings belonging to the people who live in them. But as interest rates swiftly rise, there are fears that many of those households will soon find their mortgage payments unaffordable.

The Conversation

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news in one place.

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The National (Scotland)

Alister Jack attacks BBC for 'taking it too far' after saying pound is 'tanking'

ALISTER Jack claimed the pound was not “tanking” but the BBC was simply taking things “too far” in a car crash interview on Friday morning.

AFP

UK avoids recession in boost for under-fire Truss

London (AFP) - Britain is not yet in recession, revised data showed Friday in a boost for under-fire Prime Minister Liz Truss, but its economy may still face a downturn on soaring interest rates.

The Independent UK

UK fiscal watchdog to release analysis of tax-cutting plan

The U.K.’s Office of Budget Responsibility says it will deliver an initial analysis of the government’s economic plan on Oct. 7 following a meeting Friday with Prime Minister Liz Truss

Evening Standard

All is not normal in the City, however it looks

City Comment: Pinstripes make a return, but business is down

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news in one place.

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Evening Standard

Thousands face £10k mortgage blow in London

Warning as Prime Minister and Kwasi Kwarteng held OBR talks

Birmingham Post

The huge fallout from the mini-Budget has quelled its positive growth measures

Chancellor Kwasi Kwartang should have asked to independent Office for Budget Responsibility to assess the impact of his mini-Budget

The Independent UK

Jump in mortgage approvals in August is ‘calm before the storm’

Experts said the surge in loan approvals is likely to reflect people trying to lock into mortgage deals amid expectations of rising interest rates.

Liverpool Echo

Liverpool mortgage broker warns 'don't bury your head in the sand'

Chris Costello of CRC Mortgages thinks the fiscal changes the Tories are bringing in are 'counterproductive'

Manchester Evening News

Last day to spend paper bank notes - what to do with old £20 and £50 after today

The Bank of England’s paper £20 and £50 notes will not be valid to spend in shops or to pay businesses

Financial Times

US stocks record longest run of quarterly declines since 2008 crisis

Recent volatility in UK markets has added to broader concerns about rate rises from global central banks

Evening Standard

UK economy grows slightly in second quarter

It means the UK might not currently be in recession, as was predicted by the Bank of England earlier this month.

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