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The Latest Breaking News from Bank of England

It may take a shock rate hike for traders to leave the pound alone

“Be more forceful”: that’s the message to the Bank of England from the financial community, convinced that only massive policy-tightening to lift rates above those of the Federal Reserve, will stabilize the pound.

Tribune News Service

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

Tory MPs tell Truss: sack Kwarteng or face mutiny

MPs express disbelief over sterling slump as privately some fear PM’s government is ‘dead on arrival’

The Guardian - UK

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This is Truss and Kwarteng’s crisis, not yours – but you’re already a lot poorer because of them

In 25 years of reporting, I have never seen a financial crisis so utterly avoidable, and dragging so much human misery in tow, says Guardian columnist Aditya Chakrabortty

The Guardian - UK

Join us LIVE as experts explain future of mortgages and savings as interest rates to rise

Mirror business editor Graham Hiscott will be joined by Mirror Money reporter Sam Barker today (September 29) at 1pm to run through everything you need to know about a series of worrying financial announcements

Daily Mirror

Market turmoil ‘has exposed vulnerabilities in the UK’s pension sector’

Concerns had been growing that defined benefit pension funds were at risk of being ‘hammered’ by recent market moves, a finance expert said.

The Independent UK

Newcastle Building Society pulls all its mortgage deals after UK economy plunged into turmoil

Mortgage deals have been withdrawn at a record rate, while a North East business chief has warned it is 'increasingly difficult' for financial markets to regain trust in the UK economy

Chronicle Live

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Stocks rally but investors cautious over recession fears

London (AFP) - Global stock markets rallied on Wednesday in a volatile trading, with investors given an "energy boost" by an intervention by the Bank of England.

AFP

Martin Lewis explains what interest rate hikes mean for mortgage bills

The Bank of England increased the base rate to the highest level in 14 years

The Independent UK

Why the Bank of England stepped in - and how it will help households and businesses

The Bank of England’s move to step in and calm the chaos in financial markets follows turmoil for the pound and UK government bonds caused by the Chancellor’s tax-cutting mini-budget

Wales Online

Pension funds faced 'mass collapse' within hours if Bank of England hadn't stepped in

Pensions held with investment companies faced turmoil today as the Bank of England was forced to step in to prevent black holes in the accounts of many retirement savings firms

Daily Mirror

Pension funds would have collapsed today without Bank of England action, reports say

The central bank's actions reportedly staved off "mass insolvencies" of pension pots in yet another consequence of the Chancellor's…

The National (Scotland)

Bank Of England Begins Purchasing UK Bonds To Stabilize Market, 10-Year US Treasury Rates Hit 4%

Bond market volatility continued on Wednesday morning after the Bank of England stepped in to take action to stabilize spiking U.K. gilt yields.

Benzinga

Only a U-turn by the government or the Bank of England will calm UK financial markets

The Bank of England has promised to take action to calm the financial market mayhem that has followed the announcement of major tax cuts by the UK government.

The Conversation

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The Guardian - UK

Bank’s intervention may not mark the end of market mayhem

Bank of England’s fourth round of QE could still fail to calm markets and be followed by an emergency interest rate rise

Daily Record

Finance crisis - UK pension funds were on verge of being wiped out today by Kwasi Kwarteng budget

Reports have emerged that the Bank of England emergency intervention in the money markets was sparked by fears there would be an unprecedented run that would have left pension funds insolvent.

Evening Standard

Keir Starmer calls for emergency Parliament recoil amid turmoil in UK financial markets

‘What the Government needs to do now is recall Parliament and abandon this budget’

Evening Standard

The Leader podcast: Bank of England’s emergency action explained

The Bank of England has announced emergency action to try to stabilise markets, in the wake of the crisis caused by the Chancellor’s mini budget announcement last Friday.

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The National (Scotland)

Is the UK economy already in recession?

THE Bank of England has been forced to step in following the collapse in the value of the pound after Chancellor Kwasi Kwarteng’s “mini…

Benzinga

Home Prices Down, Sales Up

Good Morning Everyone! Remember, no one gets rich panic selling.

Evening Standard

Bank of England steps in to prevent UK financial crisis

On accepting responsibility for the calamitous Bay of Pigs invasion of Cuba in April 1961, John Kennedy noted that “Victory has a thousand fathers, but defeat is an orphan.”

Evening Standard

What is the IMF and what did it say about the Government’s fiscal plans?

The IMF claims the £45 billion-worth of tax cuts will likely increase inequality in the UK

Nottingham Post

Martin Lewis issues mortgage advice as lenders pull deals

"What's happening is changing very fast, and is extremely uncertain"

The Independent UK

What are government bonds and how will the Bank of England use them to stabilise markets?

Threadneedle Street intervenes to buy up long-dated gilts and ‘restore orderly market conditions’

The Independent UK

Landlords could ‘pass on’ rising mortgage costs to renters and spark homelessness surge, charity warns

Mortgage providers have begun raising interest rates to levels not seen since the 2008 financial crisis

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