The Latest Breaking News from The Bank of England

UK heads away from recession as economy grows in November but weak expansion adds to pressure on the BOE for action

The Bank of England has imposed a fine on the former CEO of Wyelands Bank, highlighting regulatory action against misconduct in the financial industry.

The average rate on a two-year fixed mortgage deal has fallen from 5.92 per cent to 5.87 per cent

Up to 1.5m households expected to face sharp increase this year, with inflation and tax rises also denting spending power

First Direct and TSB were among the latest lenders cutting rates

Prime minister pledged to halve inflation, grow economy, cut national debt, lower NHS waits and ‘stop the boats’

In today’s newsletter: Guardian experts assess the government’s progress on the prime minister’s key promises

Around 5 million households have seen their mortgage interest rate change since the Bank of England base rate started to rise in late 2021. Over the course of the 2023 alone, the base rate increased from 3.5% to 5.25%, surpassing economists’ expectations and pushing mortgage rates to the highest levels…

Five million more UK households could feel the effects of recent interest rate increases in coming years. Roughly the same number have already been forced to remortgage since the recent spate of rate rises began in 2021, according to the Bank of England’s latest Financial Stability Report. These borrowers have…