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The Latest Breaking News from Bank of England

Jeremy Hunt ‘planning a slimmed-down spring budget with no tax cuts’

Exclusive: Treasury sources say chancellor is resisting pressure from MPs who want taxes to start falling well before next election

The Guardian - UK

Real-terms UK pay fell at fastest rates for 20 years at end of 2022

Inflation-adjusted figures also show growth in the public sector significantly trailing private sector

The Guardian - UK

Rising private sector pay adds to pressure on ministers over strikes

Latest figures also show large gap between public sector and private sector, adding to pressure on ministers over strikes

Evening Standard

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read the most diverse news in one place.

UK inflation could fall rapidly as energy prices drop, says Bank boss

But Bank of England’s Andrew Bailey says worker shortage may still pose major risks in cost of living crisis

The Guardian - UK

Lenders have ‘obligation’ to support struggling borrowers, Bank governor says

In a meeting about the UK’s financial stability, Andrew Bailey told the Treasury Committee that banks are much stronger financially than in the past.

The Independent UK

Barbados ambassador calls on UK government and monarchy to apologise for slavery

Exclusive: David Comissiong, deputy chairperson of the National Task Force on Reparations in Barbados, hailed the Church of England’s “groundbreaking” acknowledgement of its involvement in the mass enslavement of African people

The Independent UK

What the experts say about fixing your mortgage now as rates fall below 5%

With interest rates going down, is now the time to fix your mortgage?

Wales Online

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UK economy grew by only 0.1% in November

Figure comes as people began Christmas shopping, while World Cup gave pubs and bars a boost

The Guardian - UK

Bank of England completes sale of £19bn emergency bond purchases after mini-budget

Bloomberg estimates Bank made profit of £3.5bn after intervening to prevent run on pension funds

The Guardian - UK

Global economy 2023: what happens next with industrial action

This is the fifth instalment in our series on where the global economy is heading in 2023. It follows recent articles on inflation, energy, food and the cost of living.

The Conversation

People miss out on hundreds of pounds as £268bn sits in zero-interest accounts

Rising interest rates mean savers could be making a decent return for the first time in year

Wales Online

Bank of England warns high inflation could last longer than expected

Chief economist says risks remain despite fall in wholesale energy prices and UK on brink of recession

The Guardian - UK

Word of warning for millions of homeowners with fixed rate mortgages

More than 1.4 million households could be affected this year

Manchester Evening News

More than 1.4m households face big monthly increases on mortgages this year

Rates rises mean people who bagged low-interest deals a few years ago are now in for a shock

Wales Online

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The Guardian - UK

Mortgage payers face squeeze in 2023 after UK interest rate rises

Wealthy, older people who own home outright will avoid higher costs and benefit from better return on savings

Wales Online

Merthyr Tydfil Council facing budget gap of more than £11m

A report set to be considered by councillors lays out the stark position

The Conversation

Global economy 2023: how countries around the world are tackling the cost of living crisis

The rising cost of living is biting businesses and households around the world. Editors from across The Conversation’s international network have asked local academic experts to explain how their countries and regions are tackling this issue, as well as the 2023 outlook for prices and interest rates where they live.

Wales Online

DWP benefits, minimum wage and energy prices: All the big money changes to look out for in 2023

All the important dates for increases to wages, benefits, pensions, cost of living payments and more

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news in one place.

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Wales Online

Cost-of-living crisis sees credit card debt soar to highest amount since 2004

Debt charity warned of 'a real danger that people will increasingly be turning to credit to meet essential spending into the new year and beyond'

The Independent UK

Jump in credit card borrowing due to higher prices and approach of Christmas

Around £1.2 billion was borrowed on credit cards in November, marking the highest amount since March 2004.

The Conversation

Global economy 2023: Why central banks face an epic battle against inflation amid political obstacles

Where is the global economy heading in 2023? After all the challenges of last year, it’s a question we ask with trepidation. Just as the economy was dealing with the ongoing effects of the COVID-19 pandemic, Russia’s invasion of Ukraine in February ramped up inflation.

Fortune

A global recession is coming, and this is where economists predict will fare the worst

IMF director Kristalina Georgieva said simultaneous contractions in three major economies—the U.S., the EU, and China—will be the driving forces behind a global recession in 2023.

The Conversation

Austerity has its own life – here's how it lives on in future generations

Austerity in the UK is here to stay. The Bank of England has warned that the country is facing the longest recession since records began, predicting that the economic slump will extend well into 2024. At the same time, the most recent budget has been called austerity 2.0 by companies,…

Daily Record

Scots worried about soaring mortgage rates as demand for advice on bills rises

Scots on fixed rate deals that expire next year are likely to be hit by much higher interest rates

The Guardian - UK

UK inflation will fall in 2023 but energy bills and taxes will rise as house prices drop. Happy new year

Britain’s recession, however, will be relatively mild, although such forecasting is a mug’s game

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