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The Latest Breaking News from Inflation

White House holds firm on US avoiding recession as economy looms over midterms

‘We do not see it going into recession,’ White House says

The Independent UK

Voices: Republicans have convinced voters inflation is Biden’s fault — even though they have no plan to solve it

Polls show that the GOP has successfully managed to make inflation a deciding issue, without having a clear policy for combating it. What this implies about the future is scary

The Independent UK

BT is feeling the squeeze as inflation clouds its future

Telecoms company warns of job cuts as cost pressures and energy bills threaten its financial plans

The Guardian - UK

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Britain facing ‘prolonged pain’ as Bank says recession could stretch into 2024 OLD

‘Everyone will be affected’: Hike in housing costs and increased inflation to hit hard

The Independent UK

What does the latest interest rate hike mean for me?

Interest rates have gone up to 3% which means people, especially mortgage holders, will face higher borrowing costs.

Evening Standard

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

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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

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

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

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The Independent UK

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

Al Jazeera

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.

Kiplinger

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.

Tribune News Service

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.

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Bangkok Post

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.

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.

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.

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