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The Latest Breaking News from The Bank of England

UK borrowing costs have hit their highest level since the banking crisis. An economist explains what’s happening

UK borrowing costs have risen rapidly to their highest level since the banking crisis of 2007-08, with implications for the government’s tax and spending plans. Yields on gilts, as UK government bonds are called, have been rising – and these yields are effectively the level of interest that the government…

The Conversation

Pound slumps to new 14-month low as Rachel Reeves criticised for China trip as tax rise fears grow

Sir John Gieve, former Deputy Governor at the Bank of England, said the Chancellor may have to hike taxes or impose some ‘very severe reductions and squeezes’ on public services

Evening Standard

Cuts, tax rises and doing nothing: Rachel Reeves’ options to tackle economic woe

Labour’s fiscal rules may limit the chancellor’s ability to act, but waiting it out may be the best option

The Guardian - UK

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Firms to pass on tax hikes through lower wages in long run, Bank executive says

Sarah Breeden, the Bank’s deputy governor for financial stability, also said firms might respond to the tax rises by cutting staff or raising prices.

Evening Standard

Rachel Reeves must handle bond sell-off with care, but this is not a Truss-level event

Unlike 2022, bond markets have not been shocked, but the chancellor will know threat of a doom loop is not far away

The Guardian - UK

Shares in banknote printer De La Rue soar after it confirms takeover talks

Shares in 200-year-old British firm jump by as much as 12% after conditional offer from City financier

The Guardian - UK

What rising government debt costs mean for your finances

High government borrowing costs come amid fears that inflation is creeping up again, which could lead the Bank of England to keep rates on hold

The Independent UK

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The UK property outlook for 2025: another bleak year for mortgages amid so much economic uncertainty

Throughout 2024, many home owners and prospective first-time buyers would have kept a close eye on the Bank of England’s base interest rate. Eventually, the first cut arrived in August (from 5.25% to 5%), followed by another drop to 4.75% in November.

The Conversation

Why rising bond yields are rattling Rachel Reeves

Chancellor in danger of breaking fiscal rules after cost of servicing UK 10-year debt rises to highest level since 2008

The Guardian - UK

Mortgage pain to stay as government borrowing costs hit 27-year high

High government borrowing costs come amid fears that inflation is creeping up again, which could lead the Bank of England to keep rates on hold

The Independent UK

‘A snowball’s chance in hell’: Trudeau rejects Trump threat to annex Canada

President-elect threatened to use ‘economic force’ to make northern neighbor part of US

The Guardian - US

Former Bank boss Mark Carney considering running to succeed Canada’s Trudeau

Mr Carney was governor of the Bank of England between 2013 and 2020.

The Independent UK

Mark Carney: Failed to stop Brexit but hopes to save Canada from populism

The former Governor of the Bank of England is a frontrunner to replace Justin Trudeau as Canadian prime minister

The Independent UK

Biden bans new offshore oil and gas drilling in most US coastal waters – as it happened

Outgoing president’s orders will not affect large swathes of the Gulf of Mexico, where most US offshore drilling occurs; orders could be difficult for Donald Trump to unwind

The Guardian - UK

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Evening Standard

New Year rally wanes for FTSE 100 while pound gains ground

The FTSE 100 failed to keep up the momentum on Friday, dropping 36.11 points, or 0.44%, to close at 8,223.98.

Evening Standard

London house prices inched forward by just 2% last year says Nationwide

The capital’s property market lagged behind most of the rest of the country as high interest rates and affordability constraints held back price rises

The Guardian - UK

A year of two halves: how global financial markets fared in 2024

Good for equities, good for the US, and good for crypto but the year spawned mixed blessings for the UK, China and Europe

Evening Standard

FTSE 100 gains 6% in 2024 despite ‘lack of enthusiasm’ for UK stock markets

A ‘lack of enthusiasm’ for London’s top stock market index nevertheless meant it lagged behind its US rival for another year, experts said.

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Evening Standard

UK economy faces threat of ‘stagflation’ after bumpy 2024

Falling inflation allowed the Bank of England to cut rates twice in 2024, but faltering growth and pressure on prices is clouding the outlook.

The Guardian - UK

City regulators to start oversight of tech firms that provide ‘critical’ services to UK

New powers come amid concerns that cyber-attacks and outages could put the country’s financial stability at risk

The Guardian - UK

Living standards 2025 outlook ‘hardly cause for celebration’, says UK thinktank

Household incomes to stagnate or fall but will be offset by better public services, says Resolution Foundation

The Guardian - UK

Is Labour to blame for slowing UK economy? It’s more complex than that

Tories point finger at Rachel Reeves’s budget but economy has been misfiring for best part of a decade

The Guardian - UK

Reeves may have to U-turn over no more tax rises, warn economists

Dramatic economic slowdown means chancellor could face lower receipts and higher borrowing costs in 2025

The Independent UK

‘Cloudy’ economic outlook looms over Labour as 2024 draws to a close

Since winning the UK’s general election in July, Labour has faced sharp swings in the economic outlook and a shifting public mood.

Evening Standard

Minister defends Labour budget as Bank of England issues dire growth warning

Businesses have responded to Chancellor Rachel Reeves hiking the minimum wage and increasing National Insurance contributions by cutting jobs and raising prices

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