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The Latest Breaking News from Bank of England

OBR forecasts likely to show £60bn-£70bn hole after Kwarteng’s mini-budget

Predictions handed to chancellor expected to paint gloomy picture for UK economy amid sweeping tax cuts

The Guardian - UK

Risky 'Shadow Banks' Are Still Unregulated: Are They A Threat To The UK Economy?

The Bank of England recently unpacked £65 billion ($72 billion) in an emergency measure to avoid a crash in government bond prices. Without the intervention, the U.K.’s pension funds, which rely heavily on bond holdings, would have entered default. A larger economic crisis was averted.

Benzinga

UK economy predicted to be weak till 2024 despite Truss growth agenda

Business confidence sinks to lowest level since depth of Covid pandemic as rising costs hit households and companies

The Guardian - UK

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UK pension schemes were at risk of collapse in 'unprecedented' impact of budget

The Bank of England has written to the Government explaining why it intervened after market instability

Wales Online

Bank confirms pension funds almost collapsed amid market meltdown

Official explains how promise to buy up to £65bn of government debt staved off destructive UK financial spiral

The Guardian - UK

Ratings agency Fitch downgrades UK credit outlook to ‘negative’

Chancellor’s plan could lead to a ‘significant increase in fiscal deficits over the medium term’, ratings agency warms

The Independent UK

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

The Independent UK

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How the Bank of England saved Liz Truss’s bacon

The stability of Britain’s entire financial system was on line after ‘Kami-Kwasi’ mini-budget

Evening Standard

BoE intervention ‘stopped Sterling spiral’ as Fitch cuts credit rating

UK central bank says failure to act could have wiped out the value of a large number of funds held by pension companies

The Independent UK

Bank of England intervention prevented destructive ‘spiral’ after mini-Budget

Threat to pension funds could have triggered ‘widespread financial instability’

The Independent UK

Rating agency Fitch downgrades UK credit outlook

Lack of independent forecasts at mini-budget and clash with Bank of England’s inflation strategy prompts cut

The Guardian - UK

Interest gap could spell economic peril

On a recent Monday, the Fed called an emergency meeting. The discussion topics were not made known. Could it possibly be about turmoil in the UK bond market and the financial troubles of large investment banks? At this fragile time, the world cannot afford another Lehman Brothers-type disaster.

Bangkok Post

Twitter’s board deserves credit for Elon Musk’s U-turn

By sticking to its guns the firm has defended the excellent principle that bidders should do what they’ve agreed to do

The Guardian - UK

Pound weakens and government borrowing costs rise again after Truss speech

Sterling dipped by 1.4% to 1.1312 dollars shortly after Liz Truss said that the Government was making ‘difficult but necessary’ choices

Evening Standard

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The Guardian - UK

MPs pressure Pensions Regulator over support for hedging contracts

Questions raised over why watchdog backed use of risky investment strategies for major pension funds

Wales Online

What we know about mortgage rates, when they might go down, and how long you should you fix for

Mortgage rates are continuing to rise despite the government's U-turn on the 45p tax rate after weeks of turmoil on the markets

The Independent UK

What is inflation and what is its current rate in the UK and Europe?

UK inflation returned to a 40-year high in September after a slight dip in August

The Independent UK

Pound to dollar: Why is sterling so weak?

Currency tumbles again after Bank of England warned it is ending support package for pension funds on 14 October

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Evening Standard

Are London house prices about to crash? Warnings of ‘year of pain’ amid rising interest rates and inflation

The property market faces a ‘year of pain’, with a new two-year forecast estimating a 10 per cent drop for house prices. But how low will they really go?

The Conversation

Plunging pound and crumbling confidence: How the new UK government stumbled into a political and financial crisis of its own making

The new British government is off to a very rocky start – after stumbling through an economic and financial crisis of its own making.

ABC News

The Aussie dollar is dropping against the US currency, but it’s not all bad news

A higher US dollar isn't great news for global trade, but some Australian businesses are able to benefit and travellers have reason to smile as well.

Glasgow Live

Homeowners who lose their job could build up significant arrears before DWP help comes

Homeowners who end up struggling with their mortgage payments due to a job loss may have to build up significant arrears before help arrives from the Department for Work and Pensions.

Liverpool Echo

Interest rate, inflation, emergency fund and what they mean

Interest rates are high, inflation is soaring, but what does that actually mean?

Daily Record

Homeowners who lose their job may build up significant arrears while out of work before DWP help begins

People with a mortgage can only claim for help with interest costs if they are on a qualifying benefit.

The Independent UK

Truss defends Government record amid concerns about rising interest rates

Speaking to broadcasters as she attends a fractious Conservative Party conference, the PM said the Government would do ‘what we can to help people’.

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