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The Latest Breaking News from Bank of England

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

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 Independent UK

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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

The Guardian - 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

The Independent UK

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

Daily Mirror

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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

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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Evening Standard

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

The Independent UK

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 Guardian - 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

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Bangkok Post

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.

The Guardian - UK

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

Evening Standard

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

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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