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The Latest Breaking News from Andrew Bailey

Kwasi Kwarteng’s ‘original sin’ caused UK turmoil, says ex-Bank of England deputy

Sir Charlie Bean says Bank could extend emergency action to ease ‘pressure’ on government

The Independent UK

Pound falls after UK bank chief rules out extending help

The pound sank against the dollar after the governor of the Bank of England confirmed the bank will not extend an emergency debt-buying plan introduced last month to stabilize financial markets

The Independent UK

Jacob Rees-Mogg claims parts of economy in ‘good state’ and insists pensions safe

Cabinet minister clashes with BBC host – and reveals his own mortgage payments have gone up

The Independent UK

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Pound falls after Bank of England warns market support will end in days

There is continuing market turmoil in the wake of Chancellor Kwasi Kwarteng’s mini-budget

Wales Online

Wednesday briefing: How much time will Conservative MPs give Liz Truss?

In today’s newsletter: Liz Truss gives her first PMQs since the fiscal statement that blew up her premiership and may hope to calm colleagues. But from benefits cuts to despairing backbenchers, she has a lot to deal with

The Guardian - UK

Pound wobbles as Bank of England warns market support will end on Friday

Governor Andrew Bailey warned there could be no further extension beyond the end of the week

Evening Standard

Pound plunges as Bank of England warns market emergency support will end on Friday

Sterling fell more than a cent against the dollar to its lowest rate since 29 September

The Independent UK

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Liz Truss to face MPs after mini-budget wreaks financial chaos

Governor Andrew Bailey sparked more market turmoil after he said Bank of England support will end on Friday.

The Independent UK

Major pension fears as Bank of England governor issues 3 day warning and pound PLUNGES

The pound fell after the Bank of England gave pension funds a three day warning to balance their books before it removes emergency support for the bond market on Friday

Daily Mirror

BoE chief says '3 days left' on bond intervention

Washington (AFP) - Bank of England chief Andrew Bailey said Tuesday bond investors have "three days left" until the British central bank phases out emergency bond-buying efforts.

AFP

Ministers ‘blame Bank of England’ for soaring mortgage costs as housing crisis grows

Mortgage costs have risen sharply since chancellor Kwasi Kwarteng’s so-called mini budget

The Independent UK

The Guardian view on the financial crisis: a meltdown made in Downing Street

Editorial: Liz Truss’s first big policy has been shot down by financial markets – and her economic credibility shredded

The Guardian - UK

Meet Team Truss, the new No 10 inner circle entering Downing Street

The PM has surrounded herself with a like-minded group of field experts and political power brokers who’ve proven their loyalty to her in the past — but who are they? Anne McElvoy looks at the Tories’ fresh new team

Evening Standard

A global recession looks increasingly likely – but here’s how Australia could escape it

If the US pushes up interest rates to the point where it’s about to bring on a recession, Australia would be well advised to stand back and not lift rates

The Guardian - AU

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The Guardian - UK

Speed and scale of events may force Bank to expedite next rate decision

Amid extraordinary market changes, the Bank of England seems unlikely to sit on its hands

The Independent UK

What are supply-side reforms?

Chancellor planning further regulatory changes for British industry to be announced this autumn

The Guardian - UK

UK’s cost of borrowing on international markets overtakes Greece and Italy

Five-year British government bonds fall dramatically as traders price in higher risk of default on debt

Evening Standard

Bank of England struggles to win confidence of markets

City Comment: If you aren’t nervous, you aren’t paying attention

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Daily Mirror

Kwasi Kwarteng denies boasting 'who cares if the pound crashes' on night of Brexit vote

The Chancellor's spokesman claimed a 2016 article, reporting he said 'who cares if sterling crashes? It will come back up again' outside a private members' club, was 'untrue'

Evening Standard

Pound steadies but Kwasi Kwarteng faces massive market turmoil

The pound steadied in early trading in Asian markets on Tuesday as it climbed to $1.07 just before 6am

Wales Online

Kwarteng faces market turmoil after sterling's disastrous day

New survey puts Labour party 17 points ahead

The Conversation

A global recession looks increasingly likely – but here's how Australia could escape it

Global stock markets are tanking on fears of recessions in the US, the UK and Europe, and the OECD is actually forecasting recessions in Europe.

The Independent UK

Kwarteng faces massive market turmoil after disastrous day for sterling

The Treasury moved to settle the markets with the promise of a Budget next spring as the pound tumbled against the dollar on Monday.

The Independent UK

What could the Bank of England do after pound plummets to record low?

Analysts want Bank of England to increase interest rates to ‘restore credibility’ to UK economy

The Guardian - UK

Markets warn sterling slump could lead UK interest rates to triple by next year

Analysts expect Bank of England to convene meeting to raise rates with further increase in November

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