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The Latest Breaking News from The Bank of England

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

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

Evening Standard

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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

The Independent UK

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

Evening Standard

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

The Guardian - UK

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

Evening Standard

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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 Independent UK

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 Week

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 Independent UK

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…

The Conversation

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

Evening Standard

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.

The Independent UK

UK business confidence falls as economy slows and interest rates rise

Firms have cut back on hiring staff and manufacturing output is at its lowest since May 2020 as supply issues continue, a survey finds

The Guardian - UK

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The Guardian - UK

Kwasi Kwarteng admits mini-budget turmoil affected his mortgage

Former chancellor says payments went up ‘considerably’ after his tax cuts sent borrowing costs spiralling

The Guardian - UK

Many of world’s largest hedge funds face UK stress test

Participants also including banks and pension funds will have to reveal how activities could harm financial system

The Independent UK

Kwasi Kwarteng reveals he has been hit by aftershock of his own budget

Former chancellor says his tracker mortgage has gone up ‘a great deal’ but denies responsibility

Evening Standard

Energy bill help unlikely this winter, Grant Shapps suggests

The Government doesn’t want to ‘constantly pay energy bills’ but plans to ‘absolutely’ cut taxes, he said

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The Guardian - UK

Hopes of ‘soft landing’ as US jobs growth slows; UK economy caught ‘in low-growth trap’ – as it happened

Fewer jobs created last month than expected, but economists hope the US can avoid recession

The Independent UK

Stock market today: Asian stocks mixed ahead of US jobs update following British rate hike

Asian stocks markets are mixed ahead of a U.S. jobs update that could influence interest rate plans after Britain’s central bank raised a key rate

The Independent UK

Why have interest rates gone up, what does it mean and will they come down?

Today the Bank of England’s Monetary Policy Committee decided to increase the base interest rate from 5% to 5.25%

The Independent UK

Soaring mortgage costs ‘affecting mental health of almost a third of people’

Mind’s survey of people across England and Wales came before Thursday’s news that the Bank of England had raised interest rates again.

The Guardian - UK

Sunak under pressure as Bank signals rates will stay high for months

Tory MPs call for targeted tax cuts as Labour criticises 14th interest rate hike as ‘mortgage bombshell’

The Guardian - UK

‘We’re just treading water’: UK small business owners on the latest rate rise

From fish and chips to flowers, entrepreneurs say higher interest rates and the cost of living crisis are taking their toll

The Independent UK

When will interest rates fall? Experts warn of ‘more pain to swallow’ after latest hike

Mortgage rates could remain elevated ‘indefinitely’, analyst says

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