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The Latest Breaking News from The Bank of England

Mortgage rates keep falling even as City bets on more Bank of England hikes, with Halifax latest to cut prices

Markets expect rates to peak at 6% or 6.25%, which is higher than they expected last week, but Halifax still cut its prices

Evening Standard

Pay rises should be a ‘reward for productivity’, says Rishi Sunak

Prime minister also calls for wage growth to be sustainable to help economy grow

The Guardian - UK

UK inflation rate tumbles sharply but recession still looms, economists warn

Experts warn slump in economy could soon overtake cost of living as main worry for UK

The Independent UK

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UK economy faces 'very real risk' of recession despite inflation slowing, experts say

ECONOMISTS have warned that the UK faces a “very real risk” of recession due to higher interest rates - despite inflation slowing to its lowest…

The National (Scotland)

OPINION - Inflation: Is the worst finally over?

I can picture it so clearly – the words adorning a fridge magnet in my grandmother’s kitchen on Long Island, New York. You may know it as the Serenity Prayer:

Evening Standard

What is inflation and what is its current rate in the UK and Europe?

Slowdown in price rises comes as somewhat of a relief to families struggling amidst cost of living crisis

The Independent UK

What falling inflation means for your mortgage

Consumer Price Index falls 1.1 per cent in a month but core inflation remains stubbornly high, meaning further interest rate rise likely

The Independent UK

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What does the slowdown in inflation mean for UK households?

The Consumer Prices Index fell to 6.8% in July from 7.9% the previous month.

The Independent UK

UK facing ‘high’ risk of recession despite inflation dropping to 6.8% – as it happened

UK inflation has dropped to its lowest since February 2022, following cut in energy price cap, but IPPR warns economy could fall into recession

The Guardian - UK

Inflation expected to slow down again as Bank of England grapples with record increase in wages

Consumer Prices Index inflation is predicted to be 6.7% for July, down from 7.9% in the previous month

The Independent UK

Inflation expected to slow down again after energy price fall

Consumer Prices Index inflation is predicted to be 6.7% for July, down from 7.9% in the previous month.

The Independent UK

UK jobs market is cooling despite record pay growth

Risks of interest rate overkill rising fast even though wages grew strongly in last quarter

The Guardian - UK

UK basic wage growth hits record high; Russia’s central bank lifts rates to 12% – as it happened

UK regular pay growth highest since 2001 while unemployment rate rises unexpectedly; rouble recovers afters Bank of Russia raises rates at extraordinary meeting

The Guardian - UK

Bank of England under pressure to raise rates after record jump in basic pay

ONS data shows employers shed workers on back of slowdown in economic activity

The Guardian - UK

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news in one place.

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Evening Standard

Wages rising at fastest pace since records began, while unemployment unexpectedly up

The news will almost certainly encourage the Bank of England to raise interest rates even further

The Independent UK

Bank of England outage hits key payments systems processing £1 trillion every day

The technical issue struck the Bank of England’s real-time gross settlement service which processes around £1 trillion every day

Evening Standard

Inflation expected to fall sharply, but it’s unlikely to convince Bank of England to pause interest rate hikes

The Bank pays closer attention to core inflation, which is expected to tick only slightly down

The Guardian - UK

Biased Bank of England blames pay for inflation, never profit

Data suggests prices are rising even though production costs are flat. Yet wages remain policymakers’ chief concern

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news in one place.

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Evening Standard

Enjoy the economic cheer of surprise GDP growth... for now

City Comment: The Bank of England will take the punchbowl away from the party soon enough

The Independent UK

Rishi Sunak’s five pledges hanging in the balance after several setbacks

Shortly after moving into No 10, the Prime Minister invited the British public to judge him on five key promises.

The Week

Interest rates: more ‘trauma’ for households

“If it isn’t hurting it isn’t working.” That was the message from then-chancellor John Major in 1989 during a previous period when interest rate rises were used to tackle high inflation, said Larry Elliott in The Guardian.

The Independent UK

Halifax and First Direct join other lenders in announcing mortgage rate cuts

HSBC UK, Nationwide Building Society and TSB are also among the lenders which have announced mortgage rate cuts this week.

The Conversation

Interest rates: the case for cutting them permanently to zero

In 1937 the English economist Joan Robinson proposed that “when capitalism is rightly understood, the rate of interest will be set at zero and the major evils of capitalism will disappear”. John Maynard Keynes, who had taught Robinson, suggested something similar a year earlier in slightly more qualified and technical…

Evening Standard

Cost of living crisis may already be ending as wages catch up to inflation, economists say

Experts believe wages increased at a faster pace than prices in July

The Independent UK

More than 60,000 homes in Scotland at risk of repossession – Labour

The Bank of England has warned that the number of people likely to struggle with debt repayments is rising as a result of increasing interest rates.

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