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The Latest Breaking News from Inflation

Who is Bank of England’s Governor, Andrew Bailey?

He announced the UK’s biggest interest rate rise in three decades today to curb soaring inflation

Evening Standard

'The Bank of England's 'incompetent' interest rates hike is dangerous for Britain'

Professor Richard Murphy, political economist and chartered accountant, says increasing interest costs will force hundreds of thousands (if not millions) of UK households into poverty

Daily Mirror

Falkirk council facing 'unprecedented financial challenge' auditors warn

The £69 million budget gap could be made worse by inflation and the rising cost of borrowing

Daily Record

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Biggest interest rate rise in decades as the Bank of England predicts longest-ever recession

Property price chat, Tube delays, torrential rain – this morning doled out a full house of London bingo. And then the Bank of England said ‘hold my £8.50 beer’.

Evening Standard

Spanish workers demand higher wages to ease inflation pinch

Thousands of workers have rallied in Madrid in a protest called by Spain’s labor unions to demand higher wages to offset the higher cost of living fueled by global inflation

The Independent UK

Why does rising interest rates help reduce inflation?

The Bank of England says it’s' better for everyone in the long run' to have low and stable inflation

Manchester Evening News

US President Joe Biden mistakenly says son Beau died in Iraq in stumbling speech

President Biden made the baffling gaffe when discussing inflation, social security and healthcare after confusing the Iraq War with Russia's invasion of Ukraine

Daily Mirror

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One in six people ‘not confident’ they can afford to feed families

A third of the British public say they are less sure they can afford to feed their families than they were this time last year

The Independent UK

Bank of England offers glimmer of hope on mortgages with 'lower than expected' forecast

Andrew Bailey today said interest rates "will have to go up by less than is currently priced in by financial markets" meaning "fixed rate mortgages should not need to rise as much as they have done"

Daily Mirror

US average long-term mortgage rates back under 7%, for now

The average long-term U.S. mortgage rate dipped back under 7% this week, one day after the Federal Reserve raised its benchmark borrowing rate to its highest level in 15 years as it tries to squelch four-decade high inflation

The Independent UK

Bank of England delivers biggest interest rate hike in 33 years

Central bank raises key rate to 3 percent, warns UK economy is in a recession that could last two years.

Al Jazeera

The Current I-Bond Rate Is Mildly Attractive. Here's Why

The current I-bond rate, set in May, is active through October 2026. It presents an attractive value, if not as attractive as in the recent past.

Kiplinger

Deeper US recession looms as resilient labor market spurs Fed

The odds of a U.S. recession are rising. And the chances it will be mild are falling.

Tribune News Service

BoE: Britain faces two-year recession

LONDON: The Bank of England raised interest rates to 3% on Thursday from 2.25%, its biggest rate rise since 1989, but it pushed back against expectations for further steep hikes, saying Britain faces a painful recession that could last two years.

Bangkok Post

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The Independent UK

Households ‘face double whammy of soaring interest rates and sky-high inflation’

A ‘toxic mix’ of high prices, falling real incomes, and soaring borrowing costs is battering household finances, experts said.

The Independent UK

Spanberger, Vega in tight race for Virginia's 7th District

The race for Virginia's 7th Congressional District is a nail-biter in the final stretch and a contest that could help determine which party controls the U.S. House

Insider UK

Scottish hotels 'need a fresh strategy' to tackle industry challenges

Staff shortages, the energy crisis and inflation continue to impact the hotel industry

The Independent UK

Unions warn of impact on workers of interest rate rise

The TUC has called for a new economic plan.

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Evening Standard

UK heading for longest recession in modern history, Bank of England warns

Britain is heading for its longest recession in modern history with no recovery until summer 2024 the Bank of England warned on Thursday.

ABC News

Treasurer Jim Chalmers plays down recession fears on Q+A as energy costs and inflation continue to rise

Treasurer Jim Chalmers tells ABC's Q+A that he intends to tackle the rising cost of power prices by Christmas as he defends the budget and plays down the fears of Australians about a recession.

The Independent UK

Slightly fewer Americans apply for jobless aid last week

Applications for jobless benefits fell slightly last week with the U.S. job market remaining resilient in the face of rising interest rates and persistent inflation

The Independent UK

UK headed for longest recession in century, says Bank of England

Recession could last well into 2024, says central bank as interest rates hiked

Wales Online

UK could be facing longest recession since records began as interest rates go up

Homeowners are set to face the biggest single shock on their mortgage bills since the 1980s as the Bank of England hiked interest rates for the eighth time in a row. The Bank’s base rate will rise to 3% from 2.25%, its highest for 14 years

The Independent UK

Bank of England confirms biggest interest rate hike since 1980s

The UK could be facing the longest period of recession since reliable records began

Wales Online

'Life tough for millions', warns Sainsbury's boss amid cost of living crisis

Customers are said to be watching 'every penny and every pound'

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