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The Latest Breaking News from Bank of England

Bank is taking a risk in cracking on with first QT sale

Longer delay might have been mildly embarrassing but would be the safer approach

The Guardian - UK

Rising mortgage rates put 45 Tory seats at risk in southern heartlands

Mortgage rates shot up after Liz Truss's disastrous mini-Budget amid fears the Bank of England would hike interest rates to manage the flurry of unfunded tax cuts

Daily Mirror

Bank of England pushes back start of gilt sale to November 1

It came after the central bank earlier denied a postponement of plans to start selling government bonds.

The Independent UK

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BT’s pension fund ‘fell by £11bn’ after mini-budget

Report from one of the UK’s largest schemes is an early indicator of scale of the financial impact on retirement funds

The Guardian - UK

'I'd vote No after seeing Nicola Sturgeon's currency plans,' says pro-Yes economist

A TOP pro-independence economist has said the Scottish Government’s currency plans are “so wrong” he would vote No in a future referendum.

The National (Scotland)

Fears more than 11,000 households in Northumberland will see spike in mortgage costs

The Bank of England has already increased interest rates and is expected to increase them further next week

Chronicle Live

45% of mortgagors ‘would make big spending cuts if payments rise in next year’

People with less than a year left to run on their mortgage could be particularly vulnerable to making big spending cuts, according to YouGov.

The Independent UK

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Bank to start selling £80bn of UK government bonds from next month

Start date put back by a day to avoid clash with chancellor’s announcement of debt-cutting plan

The Guardian - UK

British PM Truss vows to carry on as her party support dwindles

British Prime Minister Liz Truss warned of tough times ahead after she scrapped her vast tax-cutting plan and said she would carry on to try to put the economy on a stronger footing, defying calls for her resignation.

Reuters

Families won’t be able to afford to pay mortgages, warns M&S chief

Rate rises are the biggest threat to the economy, Marks & Spencer chairman Archie Norman warns

Evening Standard

How the mini-Budget U-turn will affect your energy bills, mortgages, and more

A series of government U-turns has changed how it plans to tackle the cost of living crisis

Manchester Evening News

UK PM Truss 'Sorry' for Economic 'Mistakes' but Vows to Stay On

Embattled UK Prime Minister Liz Truss on Monday apologized for going "too far too fast" with reforms that triggered economic turmoil, but vowed to remain leader despite a series of humiliating climbdowns. "I do want to accept responsibility and say sorry for the mistakes that have been made... we went…

Asharq Al-Awsat

ASX and Wall Street rally after UK backflip on tax cuts, RBA to keep increasing rates

The ASX has jumped and US stocks rallied overnight after the UK Government ditched major parts of its economic plan that caused turmoil in financial markets, and the Bank of America posted stronger earnings. The Reserve Bank says it will keep raising interest rates.

ABC News

Who are the economic experts appointed to Jeremy Hunt’s new advisory panel?

Four advisers, including George Osborne’s ex-chief of staff, named, with chancellor seeking to repair damage from mini-budget

The Guardian - UK

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Evening Standard

Jeremy Hunt’s Economic Advisory Council: who are the new members?

The UK’s latest chancellor said the council would offer him advice that was independent from the Treasury and the Bank of England.

The Guardian - UK

Independence will rid Scotland of UK economic chaos, says Nicola Sturgeon

First minister says if Scotland won yes vote it would aspire to setting up its own currency and joining EU

The Guardian - UK

No U-turn from Jeremy Hunt on scrapping bankers’ bonus cap

New chancellor made no mention of policy in economic update but Treasury sources confirm he will go ahead with controversial move

The Independent UK

UK leader in peril after Treasury chief axes 'Trussonomics'

New U.K. Treasury chief Jeremy Hunt has reversed most of an economic package announced by the government just weeks ago, including a planned cut in income taxes

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news in one place.

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Daily Mirror

Mini-Budget U-turns mean interest rates may NOT rise as much as feared, say experts

The new Chancellor Jeremy Hunt this morning announced he will scrap major policies planned by his predecessor Kwasi Kwarteng, in an attempt to calm rattled markets

The Guardian - UK

Jeremy Hunt’s economic plan turns the clock back to austerity

UK chancellor’s tightening of fiscal policy will lead to weaker growth and a deeper recession

France 24

New UK finance minister scraps more tax cuts in further government U-turn

Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.

The Guardian - UK

The Big Idea: Do governments really control their economies?

With markets, technocrats and voters on their backs, can politicians change anything?

Daily Record

Nicola Sturgeon announces independent Scotland would launch its own currency

The First Minister said a new Scottish pound would be launched when the "time is right".

Al Jazeera

UK Treasury chief Jeremy Hunt reverses nearly all tax cut plans

Treasury chief Jeremy Hunt scraps most of an economic package announced by the UK government just weeks ago.

The Guardian - UK

UK energy firms using £40bn support scheme blocked from paying bonuses

Government’s energy markets financing scheme will also bar dividends to shareholders

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