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The Latest Breaking News from Bank of England

The Federal Reserve Race To Take Down The S&P 500 And Break The World

Aggressive Federal Reserve rate hikes are straining global currencies and economies. But the Fed may not stop until something breaks.

Investors Business Daily

Pound slides amid UK political drama, stocks soar

London (AFP) - The pound fell Friday as under-fire British Prime Minister Liz Truss sacked her finance minister and made a dramatic policy U-turn, while equities rallied for a second day despite surging US inflation.

AFP

UK's Truss sacrifices close friend Kwarteng over unloved fiscal plan

He was one of her closest friends and supporters, but Prime Minister Liz Truss sacked Britain's first Black finance minister Kwasi Kwarteng just 38 days into the job.

Reuters

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Hunt replaces Kwarteng as Liz Truss plans humiliating U-turn

U.K. Prime Minister Liz Truss fired Chancellor of the Exchequer Kwasi Kwarteng and replaced him with former Foreign Secretary Jeremy Hunt as she prepared to make a humiliating U-turn on parts of her economic plan.

Tribune News Service

UK PM Truss U-turns on mini budget, raises corporation tax and names Hunt finance minister

Embattled UK Prime Minister Liz Truss has appointed Jeremy Hunt to replace Kwasi Kwarteng as Finance Minister on Friday, while also ditching the cut in corporation tax in a major U-turn to her mini-budget announced just last month triggering major market turmoil.

France 24

How to understand what's going on with UK mortgage rates

The UK mortgage market has tightened as confidence in the economy has faltered in recent weeks. Lenders withdrew more than 1,600 homeloan products after the (then) chancellor Kwasi Kwarteng’s September mini-budget sent the UK economy into a tailspin.

The Conversation

UK's Truss fires finance minister as economic plan in tatters

London (AFP) - British Prime Minister Liz Truss on Friday dismissed her finance minister, forcing Kwasi Kwarteng to carry the can for turmoil sparked by her right-wing economic platform as restive Conservatives plotted her own demise.

AFP

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UK's Truss to face media as chaos engulfs economic plan

London (AFP) - British Prime Minister Liz Truss will on Friday hold her first news conference, Downing Street said as her finance chief rushed home from Washington to contend with market turmoil and civil war in the ruling Conservatives.

AFP

UK finance chief rushes home to face budget storm

London (AFP) - UK finance minister Kwasi Kwarteng dashed home Friday from Washington for crisis talks with Prime Minister Liz Truss, with both their jobs on the line as their budget plans unravel.

AFP

Kwasi Kwarteng flies back to London after days of economic chaos caused by Tory mini-budget

The Chancellor cut short a visit to Washington amid speculation Conservative MPs are already plotting to replace him and Liz Truss.

Daily Record

Markets surge after sharp Wall St swing, pound holds gains

Hong Kong (AFP) - Equities rallied Friday to extend a surge on Wall Street, where all three indexes saw extreme swings in response to a forecast-beating inflation report that cemented expectations for more big Federal Reserve rate hikes.

AFP

Revealed: how top pension funds crashed even before gilts crisis

Around 85,000 people have seen the value of their pension funds halve this year

Evening Standard

Kwasi Kwarteng accused of ‘Corbynism by another name’ as he flies home for crisis talks with Liz Truss

The Chancellor returns to UK for crisis talks with PM following weeks of economic turmoil

Evening Standard

Pound selloff intensifies, government bond, FTSE rally fades after Liz Truss press conference – as it happened

Liz Truss announces U-turn on corporation tax but fails to give the reassurances the public and markets were looking for

The Guardian - UK

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Manchester Evening News

Kwasi Kwarteng cuts US trip short for 'crunch talks' with Liz Truss amid expectation of another major U-turn

The Chancellor will fly back to the UK early as pressure grows on the government

The Guardian - UK

Friday briefing: How to understand gilts, yields and the Bank of England’s action to aid the economy

In today’s newsletter: Today the UK central bank is due to end its rare, urgent bond-buying to help stabilise the economy – but why, and what does it mean for you?

Wales Online

Kwasi Kwarteng rushing back to UK as more mini-budget U-turns are on table

The Chancellor has scrapped meetings in the USA to fly back home early as Liz Truss fends off a leadership challenge from two former rivals

The Guardian - UK

Will Bank of England have to step in again to mop up market mess?

Bond buy-up seems to have been a sound bet, but ending intervention after two weeks is more of a gamble

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Wales Online

Truss may ditch Budget pledge on corporation tax in new U-turn

Markets believe move is in the works as pressure grows on Prime Minister and Chancellor

Daily Mirror

Kwasi Kwarteng cuts short US trip as Liz Truss faces crisis with tax U-turn expected

Chancellor Kwasi Kwarteng is cutting short a trip to Washington, to fly home and tackle the financial chaos caused from his mini-budget with pressure growing on him and Prime Minister Liz Truss

Al Jazeera

IMF chief rebukes UK officials over ‘policy coherence’

Kristalina Georgieva told UK’s finance minister and central bank chief that their policies should not be contradictory.

The Guardian - UK

Markets leap on reports of Liz Truss’s tax cuts U-turn. No time to dally

As PM ponders which measures to junk from mini-budget, pound rises by two cents against dollar

The Independent UK

‘Desperate’ Liz Truss set to U-turn on corporation tax this weekend

‘Don’t prolong the pain’: IMF suggests government should accept swift climbdown

AFP

At IMF, UK gets lecture on having 'coherent' fiscal policy

Washington (AFP) - Britain has had its knuckles rapped over its controversial debt-fueled budget at the IMF's annual meetings, with the crisis lender's chief urging London on Thursday to maintain "coherent and consistent" policies.

The Guardian - UK

Bank of England warns mortgage defaults to rise in months ahead

Survey of lenders paints gloomy picture of new deals drying up and end to ‘golden era’ of cheap mortgages

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