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The Latest Breaking News from Bank of England

Tories threaten to cut benefits and the state to pay for tax cuts for the rich

As post-mini-Budget chaos engulfs Britain, Treasury minister Chris Philp refused to rule out a real-terms cut to DWP Universal Credit, asked for 'efficiency savings' and said 'I'm not going to apologise'

Daily Mirror

Liz Truss government ‘undercutting’ economic institutions, says ex-Bank of England governor

Mark Carney says mini-Budget measures ‘working at some cross-purposes’ with central bank

The Independent UK

FTSE 100 Live: Bank of England intervention to reach £65 billion, stocks slip

The Bank of England’s intervention in the UK government debt market was expected to cost £65 billion, with £5 billion in bond buying every day for a further 13 days.

Evening Standard

From analysis to the latest developments in health,
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Pound slips again in Asia trading after rallying due to Bank of England intervention

Economists say BoE addressed symptom and not cause with intervention

The Independent UK

Baht leads declines among weak Asian currencies

Most emerging Asian currencies weakened against a stronger US dollar on Thursday, with the Thai baht shedding more than 1% following a quarter-point rate hike that investors viewed as moderate to bring down inflation running at a 14-year high.

Bangkok Post

Thursday briefing: Tehran faces a season of dissent - and the Bank of England acts in the UK

In today’s newsletter: Extraordinary protests have lit up Iran after a Kurdish woman died in police custody. Chowra Makaremi walks us through what it all means – and if this could be how the country’s theocracy ends

The Guardian - UK

Minister suggests benefits may not be uprated in line with inflation

Government departments have been reportedly asked to make plans for efficiency savings

The Independent UK

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Asian stocks follow Wall St higher after UK calms markets

Asian stock markets have followed Wall Street higher after Britain’s central bank moved forcefully to stop a budding financial crisis

The Independent UK

Pound – live: Liz Truss to meet head of UK’s independent fiscal watchdog after market meltdown

Chancellor insists that he is ‘sticking with’ his mini-budget

The Independent UK

Ray Dalio Says UK Operating 'Like An Emerging Country,' Spending Plan 'Suggests Incompetence'

The rout in the financial market resulting from the U.K. government’s spending plan “suggests incompetence,” billionaire investor and founder of Bridgewater Associates, Ray Dalio, said in a series of tweets.

Benzinga

Bitcoin, Ethereum, Dogecoin Rise: Analyst Sees Crypto Bounce 'Lasting A Little Longer'

Major coins traded higher Wednesday evening as the global cryptocurrency market cap rose 0.9% to $941.55 billion at 8:11 p.m. EDT.

Benzinga

Ministers could scrap inflation-linked benefits rise amid economic turmoil

Treasury minister Chris Philp has refused to commit to an expected uprating of benefits in line with inflation

Wales Online

S&P 500 roars back from six-day slide; bonds surge: Markets wrap

U.S. stocks and Treasuries rallied on Wednesday after the Bank of England’s decision to stage a market intervention boosted UK bonds and tentatively calmed markets.

Tribune News Service

ASX and US markets surge after Bank of England intervenes in bond market to rescue UK financial system

The ASX and US stocks rally after the Bank of England announces a government bond-buying program to stabilise financial markets shaken by the UK government's tax cuts. AGL plans to exit coal earlier and Premier Investment jumps on special dividend.

ABC News

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Wales Online

Welsh Secretary urges 'calm' in face of turmoil sparked by mini-budget

Robert Buckland stood by Chancellor Kwasi Kwarteng’s plans during an interview with ITV Wales

The Independent UK

Cabinet minister urges people to remain ‘calm’ amid mini-budget turmoil

Welsh Secretary Robert Buckland has stood by the Chancellor’s economic plans, saying it is time to be ‘bold’.

France 24

UK market mayhem sparks 'unprecedented' bond-buying from Bank of England

The Bank of England has launched a £65 billion emergency bond-buying programme, in an effort to calm the markets and avert a financial crisis. The "unprecedented" support comes amid mounting criticism of the government's plan to slash taxes. Also in the show: Beata Javorcik, Chief Economist at the European Bank…

Evening Standard

Treasury minister says ‘we’ll press ahead with tax cuts’ as Tory backlash grows amid market turmoil

Cabinet ministers ‘to be told to make efficiency savings’ amid growing Tory backlash over mini-Budget chaos

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news in one place.

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Manchester Evening News

Pension funds 'would have collapsed today' if Bank of England hadn't have stepped in, experts claim

The Bank announced it was stepping in to buy Government bonds – known as gilts – at an 'urgent pace'

The Guardian - UK

Bank of England in £65bn scramble to avert financial crisis

Bank of England left with no action but to intervene after Kwasi Kwarteng’s mini-budget

Evening Standard

‘That is what we do’: Trader claims he shorted the pound after mini-budget

Kieran told LBC bankers were ‘rubbing their hands’ when Kwasi Kwarteng unveiled the mini-budget

Tribune News Service

It may take a shock rate hike for traders to leave the pound alone

“Be more forceful”: that’s the message to the Bank of England from the financial community, convinced that only massive policy-tightening to lift rates above those of the Federal Reserve, will stabilize the pound.

The Guardian - UK

The Guardian view on the financial crisis: a meltdown made in Downing Street

Editorial: Liz Truss’s first big policy has been shot down by financial markets – and her economic credibility shredded

The Guardian - UK

Tory MPs tell Truss: sack Kwarteng or face mutiny

MPs express disbelief over sterling slump as privately some fear PM’s government is ‘dead on arrival’

The Guardian - UK

This is Truss and Kwarteng’s crisis, not yours – but you’re already a lot poorer because of them

In 25 years of reporting, I have never seen a financial crisis so utterly avoidable, and dragging so much human misery in tow, says Guardian columnist Aditya Chakrabortty

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