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The Latest Breaking News from Bank of England

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

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

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

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

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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

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

Daily Mirror

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

Birmingham Post

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

Evening Standard

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?

Bristol Post

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 Guardian - 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.

The Independent UK

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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.

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news in one place.

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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.

Chronicle Live

Martin Lewis warns how much more you will have to pay on your mortgage after interest rate hike

The financial guru gave his advice after the Bank of England put up interest rates to 3% - those on variable and tracker rate mortgages are likely to be affected

Daily Mirror

Jeremy Hunt plots tax hike for savers and businesses as Brits face longest ever recession

Chancellor Jeremy Hunt is expected to announce tax hikes and massive cuts to public spending in an attempt to wrestle the economy back under control after Liz Truss's chaotic stint in No10

Evening Standard

London property market sees demand for homes almost halved since disastrous mini-Budget

The fall in demand for homes is far greater in London than any other UK region.

The National (Scotland)

Brexit a key reason for UK inflation, former Bank of England boss says

BREXIT is one of the key reasons why the UK’s central bank has been forced to raise interest rates despite an oncoming recession, a former…

Evening Standard

Former Treasury minister blames Liz Truss and Kwasi Kwarteng for budget chaos

A former Treasury minister has repeatedly refused to apologise for his role in Liz Truss’s disastrous “mini-budget” which nearly crashed the economy.

The Independent UK

Interest rate pain is consequence of Brexit, says former Bank of England governor OLD

Current financial woes ‘bear out warnings of Remain side in EU referendum’

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