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The Latest Breaking News from Huw Pill

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)

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

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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

Daily Mirror

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

Wales Online

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

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Bank of England warns of ‘significant’ rate rises amid sterling turmoil

The Chancellor sought to reassure investors as the Bank of England’s chief economist said they could not ignore the fall in sterling

Evening Standard

Kwarteng’s tax cuts will force ‘significant’ interest rate rises by Bank of England

Chief economist says mini-budget will increase inflationary pressure in remarks likely to further spook mortgage borrowers

The Guardian - UK

Bank of England chief economist says pound slump will ‘require significant response’

Huw Pill said there had been ‘significant market consequences’ following the chancellor’s announcement of tax-cuts

The Independent UK

New UK leader Liz Truss finalises huge power subsidy plan

Britain's new Prime Minister Liz Truss on Wednesday readied the final details of a plan to tackle soaring energy bills, which looks likely to cool inflation but add more than 100 billion pounds ($115 billion) to the country's borrowing.

Reuters

Tory turmoil keeps Bank of England in the dark on tackling crisis

Policymakers can only wait and see how the next prime minister’s tax and spend policies will affect the economy

The Guardian - UK

Bank of England ready to take ‘forceful’ action on inflation, says chief economist

Central bank on high alert to raise interest rates more aggressively if needed, says Huw Pill

The Guardian - UK

Londoners face biggest mortgage hit after interest rate rise

London homeowners will be hardest hit by this week’s rise in interest rates, according to new research released on Friday.

Evening Standard

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The Independent UK

Bank of England poised to hike interest rates to 1.25% in battle against inflation

Base rate of interest currently stands at 1 per cent - its highest point in 13 years

Birmingham Post

Bank of England chief economist Huw Pill on inflation, interest rates and the labour market

He believes interest rate rises could have some say to go while whether those who left the workforce due to the pandemic will return is a big question for the UK economy

The Guardian - UK

Chief BoE economist: we’ll squeeze economy more to tame inflation

Bank of England’s Huw Pill warns ‘further work needs to be done’ after recent base rate rises

Evening Standard

New warning as interest rates may rise further

Deputy prime minister Dominic Raab says support is already in place

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Birmingham Post

Interest rates might have to rise further to tackle soaring inflation says Bank of England chief economist

Welshman Huw Pill was speaking at an ACCA Wales event in Cardiff

The Guardian - UK

BoE economist sees interest rates rising higher; retail sales bounce despite inflation – as it happened

BoE’s Huw Pill says MPC faces its biggest challenge in 25 years, and indicates further monetary tightening needed to avoid wage-price spiral

The Independent UK

Interest rate rises should be ‘steady handed’, says Bank’s top economist

Huw Pill warned against ‘unusually large policy steps’ after four of the Bank’s policymakers voted last week for a half point rise in rates.

The Guardian - UK

Cost of living crisis hits household confidence; UK trade with Germany falls; FTSE 100 at two-year high – as it happened

Rolling coverage of the latest economic and financial news

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