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The Latest Breaking News from Bank of England

Tesco boss warns millions of people face higher costs this winter as interest rates rise

John Allen, chairman of Tesco, said some people will face hardship this winter, on top of increased costs of food and energy, if interest rates continue to push up mortgage repayments

Daily Mirror

UK government bonds and pound rally ahead of Chancellor’s emergency budget plans

There had been worries the sell-off in gilt markets would resume in earnest after the Bank of England ended its government bond-buying plan.

The Independent UK

New Chancellor to unveil emergency budget plan - pound surges higher on news

Treasury says move designed to 'ensure sustainable public finances underpin economic growth'

Insider UK

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What time is Jeremy Hunt's announcement today and what will he say?

He will also be addressing the House of Commons on Monday afternoon in a bid to reassure the markets

Wales Online

Tories now lag behind Labour on 14 out of 15 key policies, poll shows

Ipsos poll for the Standard reveals full scale of the damage to Tory party by Kwasi Kwarteng’s mini-budget

Evening Standard

UK to enter recession until summer 2023, experts warn

High energy prices, surging inflation, rising interest rates and global economic weakness to blame

Wales Online

Pound, shares and UK government bonds rally after most mini-budget tax cuts ditched – as it happened

Pound holds gains and gilt yields remain lower as new chancellor rips up Trussonomics, pushing tax take to 70-year high this parliament

The Guardian - UK

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Monday briefing: What the prime minister can do to save her job

In today’s newsletter: With Jeremy Hunt installed in No11 and scrapping large swathes of her economic agenda, we look at whether Liz Truss can reverse her fortunes

The Guardian - UK

London politics latest LIVE: Jeremy Hunt in Commons to explain scrapping of disastrous ‘growth plan’

Jeremy Hunt is speaking to the House of Commons after Penny Mordaunt fielded an Urgent Question on the sacking of Kwasi Kwarteng

Evening Standard

Four in five finance heads predict recession within a year

Deloitte reveals businesses witnessing reset in cost and availability of credit

Evening Standard

New UK finance minister Hunt reverses Truss's economic plan in dramatic U-turn

Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's economic plan and scaled back her vast energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.

Reuters

UK to be plunged into recession until summer 2023, economists warn

Britain’s economy is expected to shrink around 0.2 per cent each quarter from October through to June next year

The Independent UK

Goldman Sachs expects worse UK recession in 2023

Bank tips economy to shrink 1% in downgraded forecast, but also predicts lower inflation and interest rates

The Guardian - UK

UK economy to enter recession until summer 2023, financial experts warn

Britain’s economy is expected to shrink around 0.2% each quarter from October through to June next year.

The Independent UK

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The Independent UK

Goldman Sachs warns UK set for ‘more significant’ recession after Truss tax U-turn

Investment bank analysts downgrade growth from -0.4% to -1%

The Guardian - UK

UK investors brace for another week of market turbulence

Analysts expect more financial jitters after Bank of England ends intervention, while new chancellor tries to project calm

The Guardian - UK

As Truss heads for crucial Monday, signs are that U-turns will not be enough

Jeremy Hunt is trying to reassure hedge funds but UK’s reputation for political stability has been shredded

The Guardian - UK

Yes, a new economic era was coming, but that made this act of self-harm even more idiotic

All advanced economies are facing a tough future as interest rates spike. But only one decided to add a heap of uncertainties of its own making

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news in one place.

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The Guardian - UK

Jeremy Hunt welcomed by Tories as he tears up Liz Truss’s fiscal plan

There’s relief among Conservative MPs as the new chancellor seeks to bring stability back to government

The Independent UK

Liz Truss news – live: More than 100 MPs ‘ready to submit no-confidence letters’

MPs will urge Graham Brady to tell PM ‘her time is up’

StockNews.com

Bear Markets Are Never Easy….Not Even for Bears

Bear markets are never easy. Not even for bears. Today's action is a reminder of that, and why the POWR Stocks Under $10's charter is to remain at least 50% invested. In a way, it reminds me of what happened in February, when markets were sinking lower on the prospects…

Manchester Evening News

Bank of England governor warns of further interest rates rise amid mortgage crisis

The governor also revealed that he has met with new chancellor Jeremy Hunt

The Guardian - UK

Mini-budget will likely mean higher interest rates, warns Bank of England governor

Andrew Bailey says UK borrowers can expect to feel impact of Truss government’s tax and spending decisions

Evening Standard

Interest rate rises could be higher than expected next month, warns Andrew Bailey

Bank of England Governor says ‘inflationary pressures’ could prompt stronger response than bank had previously thought

The Independent UK

Bank of England warns next interest rate hike could be higher than expected

‘Stronger response’ needed to tackle inflation, says Andrew Bailey

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