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The Latest Breaking News from The Bank of England

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

The Independent UK

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.

Evening Standard

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

The Independent UK

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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’

The Independent UK

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

Daily Mirror

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 Guardian - UK

Bank boss Bailey slams petrol companies for overcharging motorists

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

The Independent UK

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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 Guardian - 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.

The Independent UK

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

Daily Mirror

Risks of UK housing crash rising by the day as fixed-rate mortgage deals end

The tipping point for the economy could come if fixed-rate mortgages rise above 7%

The Guardian - UK

OPINION - West End Final: The economic indicator that says we’re headed for recession

At roughly $3 trillion, the UK economy is large and contains multitudes. Not as massive as it might have been as a result of Brexit, Covid-19 and Russia’s invasion of Ukraine, but enough to rank sixth in the world.

Evening Standard

Rishi Sunak's five pledges six months on - from NHS waits to small boats crisis

Rishi Sunak is scrambling to turn around the Tories' fortunes but time is running out for him to deliver on his 'five priorities' for Government ahead of the next general election - see how he's fared

Daily Mirror

Watchdog summons UK bank bosses to discuss weak savings rates

Financial Conduct Authority to meet executives on Thursday as part of its investigation into savings market

The Guardian - UK

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The Conversation

How the UK's mortgage rescue deal could help or hurt you – in part depending on where you live

Millions of UK mortgage borrowers could experience significant payment shocks this year. This is happening due to a steep rise in the Bank of England’s base rate over the past year to the highest level since 2008. This rate feeds through to many of the mortgage deals taken out by…

The Guardian - UK

Using austerity economics to crush UK inflation would be a cure worse than the disease

Caution needed rather than panic measures over short-term risks after credibility of government and Bank of England hit

The Guardian - UK

Six months after Rishi ‘Mr Fix-It’ Sunak issued his five pledges, here is his scorecard: complete fail

If you market yourself as a problem solver, you need to be successful at tackling the challenges that you prioritised

The Guardian - UK

Rip-off Britain: why everything we buy now costs a fortune

As the cost of living crisis bites, consumers are asking how so many businesses have maintained or raised their profits

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Manchester Evening News

'You can see the misery in people at food prices in this town. It follows them'

“It does feel like there’s greed-flation and it’s the customers who are suffering for it. Wages and pensions haven’t increased either so it’s not weighing out the increase, it’ll push people further into a money crisis and debt"

The Guardian - UK

The event that will decide the next election has already happened – even if Rishi Sunak doesn’t know it yet

With inflation and mortgage rates painfully high, the government can no longer rely on votes from its blue wall, says Guardian columnist Jonathan Freedland

Evening Standard

The Bank of England isn’t giving us the facts we need to question big business

City Voices: Bank ought to be on top of everything. It isn’t.

Evening Standard

Fake AI crypto scam ads of celebs like Bear Grylls, Ian Wright rising on Facebook and Twitter

Bear Grylls, Ian Wright, and Gino D’Acampo have become the latest celebrities to be targeted by AI-generated cryptocurrency scam adverts on social media, The Standard has found

The Independent UK

Squeezed households raid bank accounts by record £4.6bn as mortgages climb

Borrowers hit by soaring mortgages, but savers have yet to benefit from higher rates

The Conversation

Interest rate hikes are not the only tool to fight UK inflation – here's what the government should do

Over the past year, interest rates have been rising rapidly around the world. The post-COVID economic recovery and Russia’s invasion of Ukraine caused inflation to reach 10% or more in many countries. Central banks in the US, UK and Europe have fought back by raising interest rates in an attempt…

The Guardian - UK

Squeezed UK households withdraw record amount of savings in May

Bank of England data shows families took out £4.6bn last month to help them cope with the cost of living crisis

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