The Latest Breaking News from The Bank of England

The news will almost certainly encourage the Bank of England to raise interest rates even further

The technical issue struck the Bank of England’s real-time gross settlement service which processes around £1 trillion every day

“If it isn’t hurting it isn’t working.” That was the message from then-chancellor John Major in 1989 during a previous period when interest rate rises were used to tackle high inflation, said Larry Elliott in The Guardian.

HSBC UK, Nationwide Building Society and TSB are also among the lenders which have announced mortgage rate cuts this week.

In 1937 the English economist Joan Robinson proposed that “when capitalism is rightly understood, the rate of interest will be set at zero and the major evils of capitalism will disappear”. John Maynard Keynes, who had taught Robinson, suggested something similar a year earlier in slightly more qualified and technical…

Experts believe wages increased at a faster pace than prices in July

The Bank of England has warned that the number of people likely to struggle with debt repayments is rising as a result of increasing interest rates.

Firms have cut back on hiring staff and manufacturing output is at its lowest since May 2020 as supply issues continue, a survey finds

Former chancellor says payments went up ‘considerably’ after his tax cuts sent borrowing costs spiralling