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The Latest Breaking News from Bank of England

Big-name high street stocks caught in market turmoil as UK warned of economic ‘doom loop’

Greggs, Sainsbury, Ocado and Tesco alone lose £1 billion in market value as UK shares tumble

Evening Standard

Austerity cuts ahead could mean ‘end of NHS’, warns ex-Bank of England deputy

‘Fundamental rethinking’ of the state could lie ahead, says Sir Charlie Bean

The Independent UK

Warning house prices could fall by 15% as banks hike mortgage rates

Veteran mortgage broker says he has not seen market move in such a way since 2008 financial crisis

The Independent UK

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IMF heaps pressure on Kwasi Kwarteng over tax cuts

Kwasi Kwarteng will step up efforts to reassure the City about his economic plans on Wednesday after the International Monetary Fund (IMF) criticised the measures and the Bank of England signalled sharp interest rate rises could be on the way. The Chancellor will meet investment banks following days of turmoil…

Evening Standard

Moody’s warns against Kwarteng’s ‘unfunded’ tax cuts after IMF intervention

Global ratings agency questions ‘credibility of government’s fiscal strategy’ in stinging statement

The Independent UK

World’s central banks financing destruction of the rainforest

Corporate bonds intended to inject liquidity into markets profited companies engaged in deforestation

The Guardian - UK

UK house prices predicted to drop by at least 10% in 2023

As lenders pull mortgage products amid interest rate turmoil, experts forecast ‘significant fall’

The Guardian - UK

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IMF urges UK to "re-evaluate" tax cuts on inflation concerns

The International Monetary Fund has urged the U.K. government to “reevaluate” a package of unfunded tax cuts that it says may fuel inflation and are likely to increase economic inequality

The Independent UK

IMF launches stinging attack on Kwasi Kwarteng tax cut plans in 'very serious' warning

Chancellor Kwasi Kwarteng spooked markets this week after delivering his Mini-Budget, with the pound plunging to an all-time low against the US dollar and mortgage deals being pulled

Daily Mirror

IMF urges Kwasi Kwarteng to change course in extraordinary statement

THERE is international pressure on Chancellor Kwasi Kwarteng to change course following his mini budget announcement.

The National (Scotland)

Liz Truss must fix self-inflicted ‘mess’ after IMF warning, says Keir Starmer

Labour leader says his own mortgage payments have gone up by ‘few hundred pounds’ a month

The Independent UK

Pound falls as Bank of England intervenes to calm markets

Sterling was trading at $1.073 on Wednesday afternoon, improving from $1.066 at 2pm

The Independent UK

Bank of England intervenes in bond market - as it happened

Bank’s emergency move brings relief to bond market, but fails to stabilise UK currency

The Guardian - UK

London politics LIVE: Treasury minister says ‘we’ll press on with tax cuts’ as Tory backlash grows amid markets turmoil

Tory MP slams ‘inept madness’ in Chancellor’s mini-Budget - but Treasury minister rejects calls for U-turn

Evening Standard

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Daily Mirror

Mortgage costs face 30-year high of 6% as Bank of England issues stark warning

Huw Pill warned borrowers to brace themselves for a “significant” rate hike after lenders Santander and HSBC, along with the Nationwide and Yorkshire building societies, joined a rush of lenders to pull home loans or up their rates

ABC News

What's happening with the British pound and what does it mean for Australia's economy?

With the UK government fighting off fears of a recession, the British pound tumbled against the US dollar this week. Here's why stock markets are concerned and what it means for Australia.

Liverpool Echo

List of DWP payments and money changes happening this week

We've rounded up the payment and money changes coming in this week

Daily Mirror

Desperate family still want answers after young dad vanished from pub 23 years ago

Martin Joyce's sister believes 'he is still out there' despite his disappearance in 1999, which prompted a murder investigation that led to police digging up a pub basement

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Wales Online

International Monetary Fund makes extraordinary intervention as it urges Chancellor to change course

Kwasi Kwarteng has been urged to 're-evaluate the tax measures' outlined in last week's mini-budget

ABC News

ASX sinks to three-month low, Wall Street sell-off deepens on 'global recession' risk

Australian shares have dropped to their lowest level in three months, as surging borrowing costs intensified fears of a global recession — spooking investors into the arms of the safe-haven US dollar and punishing currencies across the region.

The Guardian - UK

IMF urges UK government to reconsider tax-cutting plans

International Monetary Fund says measures should target households worst affected by energy crisis and inflation

The New Daily

Michael Pascoe: RIP trickle-down economics – even the financial markets have given up

Trickle-down economics: The cry of “you can’t tax your way to prosperity” is joined by “you can’t tax cut your way to prosperity either”.

The Guardian - UK

Speed and scale of events may force Bank to expedite next rate decision

Amid extraordinary market changes, the Bank of England seems unlikely to sit on its hands

The Guardian - UK

Homeowners warned of ‘significant’ rise in UK interest rates

Bank of England’s chief economist speaks out after mini-budget, with financial markets expecting rates to reach up to 6%

The Guardian - UK

‘Fiscal sustainability’ plus rising borrowing costs could add up to cuts

To make the sums work, some suggest Kwasi Kwarteng may include deep spending reductions in his medium-term fiscal plan

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