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The Latest Breaking News from Bank of England

UK inflation hits new 40-year high as food prices rocket

London (AFP) - British inflation surged to a new 40-year high in July on soaring food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession.

AFP

UK inflation jumps to 40-year high

London (AFP) - British inflation surged to a new 40-year high in July on rising food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession.

AFP

After UK inflation again outpaces forecasts, a 13% peak looks optimistic

Analysis: Rate has driven through 10% mark sooner than Bank of England and financial markets expected

The Guardian - UK

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Echoes of dire 1970s in today's Britain

Plans for a high-wage, high-growth economy lie in ruins as Britain's Conservative prime minister struggles to answer a cost-of-living crisis, compounded by rising worker unrest.

Reuters

Inflation hits new 40-year-high soaring into double figures

The level is higher than forecast with experts thinking it would stay below 10%

Wales Online

Inflation soars to highest rate in four decades as cost of living crisis bites

Inflation is expected to peak later this year at 13.3 per cent, the Bank of England forecasts

The Independent UK

UK inflation hits 10.1%, driven by soaring food and fuel prices

ONS July figure is only fourth time in 70 years that inflation has breached 10%

The Guardian - UK

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Inflation hits 10.1% in new 40-year high as Bank of England warns of recession

Consumer Prices Index (CPI) inflation hit 10.1% in the 12 months to July - up from 9.4% in June - and is now at the highest level since the 1980s

Daily Mirror

Cost of living crisis is ‘living nightmare’, say unions, after surprise inflation rise to 10.1.% - as it happened

Squeeze on consumer incomes tightens as fuel and food prices rocket, with bread, cereals, milk, cheese and eggs becoming dearer

The Guardian - UK

Biggest cost of living increase in decades expected with latest inflation figures

Inflation is expected to peak later this year at 13.3% and will push the UK into a recession, according to the Bank of England

Wales Online

Biggest jump in cost of living in decades expected with latest inflation figures today

New figures released this morning are expected to show that Britain is suffering the worst cost of living crisis since the 1980s, as sharp rises in food and fuel costs continue to put strain on households

Daily Mirror

BBC Panorama: Man forced to retire early due to ill health loses entire life's savings after investing in fund

“The side effects to some of the medication was horrendous, but losing the money was worse."

Wales Online

More unemployment next year than in pandemic, experts predict, as inflation set to top 13 percent this year

The latest figures out today show a 0.1 percent rise in unemployment over the last three months - but it's a sign of things to come

Manchester Evening News

Why aren’t banks passing on interest rate rises to customers?

Rates have gone up six consecutive times, yet very few savers are benefiting, researchers find

The Guardian - UK

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Wales Online

Four economists on ways to tackle UK cost of living crisis

Political leaders from all major UK parties have put forward proposals to relieve the cost of living crisis this winter

Birmingham Post

GMB Union slams Amazon pay offer as 'joke' as inflation drives record wage slump in UK

New figures from the Office for National Statistics show pay is failing to keep up with the cost of living

Evening Standard

Homeowners warned interest rates could rise by further 0.5% next month

Millions of homeowners were warned on Tuesday that the Bank of England’s monetary policy committee could raise interest rates by a further 0.5 per cent next month - hiking their mortgage payments.

The Guardian - UK

Glass half empty or full? The two ways of viewing latest UK jobs figures

Analysis: While chancellor says unemployment has rarely been lower, Bank of England predicts recession will push up jobless rate

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The Conversation

How to tackle the UK cost of living crisis – four economists have their say

UK inflation, already at 40-year highs, could pass 13% in October, according to Bank of England forecasts. While wages have not kept pace with inflation, much of the expected squeeze on households and businesses is down to rising energy costs.

Manchester Evening News

People have just over six weeks to spend old £20 and £50 paper notes

Paper bank notes are being phased out and replaced

The National (Scotland)

George Kerevan: Scotland's economy is a diverse one, despite what Unionists say

THE price of an ounce of gold is up on the year by around £200. When you have rampant inflation, investors seek to park their cash somewhere that…

The Guardian - UK

Like Thatcher, Truss wants radical change – but could she avoid a crisis?

Whether she or Rishi Sunak becomes prime minister, challenge looks as daunting as it did for James Callaghan in 1976

The Guardian - UK

Liz Truss’s economic plan is ruinous nonsense with no reference to reality

Nothing in her pledges will foster the growth that this country so urgently needs

The Guardian - UK

We partied for June’s jubilee, but a winter recession won’t be an easy ride

Data on jobs, prices and sales this week will add to the gloom, but might an inflation-led return to work take the edge off?

The Guardian - UK

Bank of England under fire over £23m bonus payouts

Anger as thousands of Bank staff enjoy ‘performance awards’ when governor had urged other British workers not to demand big rises

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