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The Latest Breaking News from Bank of England

Kwarteng faces finding £60bn of public spending cuts, says IFS

The Institute for Fiscal Studies said efficiency savings and ‘trimming the fat’ will not be enough to get debt falling.

The Independent UK

Kwarteng’s latest ‘we’re listening’ messaging fails to reduce credibility gap

Worryingly, gilt yields are rising again and another potential cliff-edge moment comes on Friday

The Guardian - UK

Animals Farmed: fast-growing chickens, river pollution and VR for cows

Welcome to our monthly roundup of the biggest issues in farming and food production, with must-read reports from around the web

The Guardian - UK

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

Mortgage affordability test explained - as rate of borrowing continues to rise

The Bank of England has steadily increased its base rate from 0.1% in December to its current level of 2.25% - the highest in 14 years - meaning some mortgages are going up

Daily Mirror

Treasury brings forward next tax update to Halloween alongside OBR forecasts

Confirmation of the date comes as the Bank of England also seeks to reassure markets on its intervention in UK debt market

Evening Standard

Martin Lewis demands emergency mortgage plan from government as he warns of 'ticking time bomb'

The MoneySavingExpert founder look straight at the camera and gave some stern words of advice for the government on Good Morning Britain

Manchester Evening News

Bank of England doubles daily bond limit to try and reassure financial markets

The Bank of England said that the measure would help pension funds and asset managers to make adjustments to their investments

Evening Standard

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Martin Lewis issues 'by Christmas' warning over mortgage rates

The Money Saving Expert founder appeared on Good Morning Britain on Monday

Liverpool Echo

UK borrowing costs hit highest levels since September market chaos

Yield on 10-year government bonds rises above 4.5% despite Bank of England trying to quell jitters

The Guardian - UK

Bank of England expands emergency bond-buying scheme to £10bn a day

Central bank plans ‘orderly’ close to scheme after mini-Budget chaos

The Independent UK

Bank of England doubles down on emergency measures to protect pension funds from collapse

The Bank of England is upping the daily limit on its emergency gilt-buying programme from £5billion a day to £10billion, before the scheme closes for good this Friday

Daily Mirror

Bank of England doubles down on bond deals as Chancellor Kwasi Kwarteng heads to IMF

Jitters about market and UK economy remain

Evening Standard

Fitch predicts deeper UK recession; mortgage rates climb – as it happened

Kwasi Kwarteng brings forward release of debt-cutting plan, as Bank of England announces new measures to support pensions sector through crisis

The Guardian - UK

Ministers ‘blame Bank of England for rising mortgage rates’

It comes as the average interest rate for a two-year fixed-rate mortgage surpassed 6 per cent for the first time since 2008

Evening Standard

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The Independent UK

Ministers ‘blame Bank of England’ for soaring mortgage costs as housing crisis grows

Mortgage costs have risen sharply since chancellor Kwasi Kwarteng’s so-called mini budget

The Independent UK

Economic turmoil self-inflicted and UK reputation being trashed – ex-chancellor

Alistair Darling said the relationship between the government of the day and the Bank of England is ‘absolutely critical’.

The Guardian - UK

Truss and Kwarteng will face fury of Tory MPs in week of crisis meetings

The PM and chancellor will try to stop panic spreading through the party after their high-risk economic plan threatens a ‘death spiral’

The Guardian - UK

Kwasi Kwarteng buckles up for an awkward first date with the IMF

The chancellor is bound for Washington for talks with the organisation that blasted his mini-budget

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news in one place.

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The Independent UK

First-time buyers see hopes destroyed amid rising interest rates and higher rents

The property market is set to weaken from the bottom up as people struggle to climb onto the housing ladder, economists warn

Daily Mirror

Will house prices crash next year? We ask the experts as mortgage rates surge

House prices have been rising, but what will happen next after the mortgage market was thrown into chaos after the Mini-Budget? We ask the expert for their opinion

The Guardian - UK

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

Benzinga

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.

The Guardian - UK

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

Wales Online

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

The Guardian - UK

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

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