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The Latest Breaking News from The Bank of England

'Mortgage costs are on a road to hell - who will stand up for ordinary people?'

The average 6.66 per cent rate is stinging in part because the Bank of England, with the backing of Rishi Sunak and Chancellor Jeremy Hunt, is hiking interest rates to curb inflation

Daily Mirror

OPINION - The Standard View: Wage growth figures underline the need to focus on inflation

So much for team transitory. Average earnings excluding bonuses rose by 7.3 per cent in May, above forecast and in line with the previous reading. In other words, inflation appears to be bedding in.

Evening Standard

Average two-year mortgage rates at 15-year high as lenders are quizzed by MPs

Bank and building society bosses appeared before the Treasury Committee on Tuesday, to explain what they are doing to support struggling customers.

The Independent UK

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When is the UK’s next inflation report and what is it likely to recommend?

The data has been described as a ‘glimmer of light’ for the Bank of England

Evening Standard

Traders double down on interest rate rise bets as pound hits 15-month high

Markets are pricing in an interest rate peak of 6.5%, probably early next year

Evening Standard

Average two-year fixed mortgage rate surges to highest level in 15 years

The typical two-year fixed-rate residential mortgage on the market reached 6.66% on Tuesday, surpassing a peak of 6.65% amid last autumn’s volatility.

The Independent UK

UK interest rates likely to rise again despite slowing labour market

Rising unemployment and slowing jobs growth will not counteract strong pay pressure

The Guardian - UK

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Mortgage rates soar again to surpass Liz Truss mini-Budget peak

‘Personal hell’ for homewners as average two-year deal reach 6.66 per cent – rates not seen since 2008 banking crash

The Independent UK

Rising mortgage rates will cause ‘financial stress’, MPs hear, as two-year fixed rates hit 15-year high – as it happened

Treasury Committee quiz lenders about mortgage rates, as two-year fixed mortgage rate rises to 6.66%, highest since 2008

The Guardian - UK

Mortgage rates could surpass mini-Budget peak to hit 15-year high, experts warn

Two-year fixed-rate residential mortgage reaches 6.63 per cent on Monday

The Independent UK

Average two-year fixed mortgage rate close to surpassing post-mini-budget peak

The typical two-year fixed-rate residential mortgage on the market has reached 6.63%, Moneyfactscompare.co.uk said.

The Independent UK

New mortgage rules kick in TODAY - what this means for you and all the help available

The charter is intended to help millions of homeowners who are facing a huge jump in monthly mortgage repayments because of rising interest rates after the Bank of England upped rates to 5% last month

Daily Mirror

Monday briefing: How the government’s debt woes could cost the economy – and Rishi Sunak

In today’s newsletter: The prime minister promised to halve inflation this year, and is already struggling. What does that mean for an economy that keeps getting worse?

The Guardian - UK

It’s not just the Bank of England feeling the heat from wrong forecasts

Economists failing to predict levels of inflation is bad enough but it’s deadly when weather forecasters miss the mark

The Guardian - UK

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The Independent UK

Fresh fears for house prices after fastest drop in 12 years

Average home loses 2.6 per cent of value as Bank of England warned not to ‘tank’ mortgage market with interest-rate rise

The Independent UK

Labour tells Jeremy Hunt his advisers must not undermine Bank of England

Exclusive: Members of Mr Hunt’s Economic Advisory Council said the Bank had ‘tried to be too cute’ by not being clear enough on the need for interest rates hikes

Evening Standard

London house price slide gathers pace as values drop 2.6% in June

The fall in the London property market is gathering pace with house prices dropping at their fastest rate since the peak of the 2009 global financial crisis last month, latest figures showed on Friday.

The Independent UK

Mapped: House prices fall at fastest annual rate in 12 years as mortgage rates soar

Annual drop of 2.6% in June is largest year-on-year decrease since June 2011, Halifax said

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The Independent UK

Bank of England warned 7 per cent interest rates would send shock wave through housing market

A leading economist says there is ‘no need to panic’ as Britain is ‘not in an 07-08 scenario’

Daily Mirror

Interest rates could be hiked to 7%, experts warn - what it means for you

Last month, the Bank of England hiked rates by 0.5 percentage points to 5% which left a lot of mortgage holders worried and caused many homeowners struggling the costs

The Guardian - UK

Bank governor accuses UK retailers of overcharging on petrol and other goods

Unnecessarily high fuel prices will have to be tackled to help reduce inflation, suggests Andrew Bailey

The Independent UK

Bank boss Bailey slams petrol companies for overcharging motorists

The Bank of England governor said petrol retailers have been ‘charging too much’

The Guardian - UK

FTSE 100 hits lowest closing level of 2023 as interest rate rise fears grip markets – business live

FTSE 100 index posts biggest one-day fall since March, as strong US jobs report fuels fears of even higher US interest rates

The Independent UK

Bank too slow to ‘wake up’ to inflation threat, former deputy governor says

Sir Charles Bean agreed with economic experts that the Bank of England has made mistakes in its recent inflation modelling.

Daily Mirror

Tories 'really have given up' as 'absentee' Rishi Sunak ducks PMQs, says Labour

The Liberal Democrats also claimed Mr Sunak had 'thrown in the towel' over his poor attendance record at the weekly grilling in front of MPs

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