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The Latest Breaking News from The Bank of England

Mortgage approvals slump as interest rate hikes take their toll

Latest figures from the Bank of England show there were 49,400 net mortgage approvals last month, down from 54,600 in June.

Evening Standard

Number of mortgage approvals to home buyers drops by nearly 10% month-on-month

Experts pointed to the impact of concerns about the wider economy on the housing market for the fall.

The Independent UK

UK facing 'heightened recession risks' as private sector suffers shock decline

AN economist has warned the UK is facing “heightened recession risks” after the private sector suffered a shock downturn in August.

The National (Scotland)

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Recession fears grow and interest rate expectations decline after surprise slump in output

Upon seeing the data, City markets immediately discounted the likelihood of a half-point ‘jumbo hike’ from the Bank of England next month

Evening Standard

UK factory output tumbles to lowest level in nearly three years

CBI data showing slowdown in activity is latest sign Bank interest rate rises are slowing economy

The Guardian - UK

The government’s ‘Treasury brain’ has got the UK in an economic mess. How can we cure it?

Despite all the evidence that privatisation has been a disaster and investment is needed, the department remains in thrall to discredited financial orthodoxy, says Fran Boait of campaign group Positive Money

The Guardian - UK

How rising interest rates are affecting UK businesses

From chip shops to tech start-ups, and even large, well-established companies, rising interest rates have had an impact right across the business world. After 14 consecutive base rate hikes by the Bank of England since 2021, this is causing particular problems for companies with a lot of debt.

The Conversation

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Blow for Rishi Sunak as voters fail to give him credit for inflation drop

Voters are more likely to believe the Bank of England is responsible for bringing price hikes back under control, a poll found

The Independent UK

Rise in UK company profits puts Bank’s stance on prices under scrutiny

Figures give fuel to claims that profiteering has played a big part in the UK’s high levels of inflation

The Guardian - UK

Mortgage rates keep falling even as City bets on more Bank of England hikes, with Halifax latest to cut prices

Markets expect rates to peak at 6% or 6.25%, which is higher than they expected last week, but Halifax still cut its prices

Evening Standard

Pay rises should be a ‘reward for productivity’, says Rishi Sunak

Prime minister also calls for wage growth to be sustainable to help economy grow

The Guardian - UK

UK inflation rate tumbles sharply but recession still looms, economists warn

Experts warn slump in economy could soon overtake cost of living as main worry for UK

The Independent UK

UK economy faces 'very real risk' of recession despite inflation slowing, experts say

ECONOMISTS have warned that the UK faces a “very real risk” of recession due to higher interest rates - despite inflation slowing to its lowest…

The National (Scotland)

OPINION - Inflation: Is the worst finally over?

I can picture it so clearly – the words adorning a fridge magnet in my grandmother’s kitchen on Long Island, New York. You may know it as the Serenity Prayer:

Evening Standard

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The Independent UK

What is inflation and what is its current rate in the UK and Europe?

Slowdown in price rises comes as somewhat of a relief to families struggling amidst cost of living crisis

The Independent UK

What falling inflation means for your mortgage

Consumer Price Index falls 1.1 per cent in a month but core inflation remains stubbornly high, meaning further interest rate rise likely

The Independent UK

What does the slowdown in inflation mean for UK households?

The Consumer Prices Index fell to 6.8% in July from 7.9% the previous month.

The Guardian - UK

UK facing ‘high’ risk of recession despite inflation dropping to 6.8% – as it happened

UK inflation has dropped to its lowest since February 2022, following cut in energy price cap, but IPPR warns economy could fall into recession

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The Independent UK

Inflation expected to slow down again as Bank of England grapples with record increase in wages

Consumer Prices Index inflation is predicted to be 6.7% for July, down from 7.9% in the previous month

The Independent UK

Inflation expected to slow down again after energy price fall

Consumer Prices Index inflation is predicted to be 6.7% for July, down from 7.9% in the previous month.

The Guardian - UK

UK jobs market is cooling despite record pay growth

Risks of interest rate overkill rising fast even though wages grew strongly in last quarter

The Guardian - UK

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

Evening Standard

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

The Independent UK

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

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