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The Latest Breaking News from The Bank of England

Interest rates rise to 5.25% for first time in 15 years

The Bank of England raised interest rates for the 14th time in a row today, by 0.25%. The Bank’s Monetary Policy Committee voted by a 6-3 majority in favour of the rate rise.

The Week

Why is Spain’s inflation so much lower than the UK’s? Because it stood up to business

The reliance on Bank of England rate rises alone can’t go on. In other countries, rent caps and excess profit taxes are working, says the IPPR’s Carsten Jung

The Guardian - UK

Bank of England rate hike adds £24 a month onto average tracker mortgage payment

Mortgage holders on tracker deals face nearly £24 per month being added to their payments, on average, following the latest Bank of England base…

The National (Scotland)

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Bank of England says interest rates will remain high for at least two years

Policymakers vote for quarter-point rise to 5.25%, the 14th increase in a row, as Bank rules out prospect of recession

The Guardian - UK

Bank of England raises interest rates to new 15-year high of 5.25% in 14th consecutive hike

But the hike was smaller than the half-point ‘jumbo hike’ last month, signalling that Threadneedle Street is slowing down in its battle with inflation

Evening Standard

The Bank of England raises interest rates by 0.25 per cent to 15-year high

The Bank of England has raised UK interest rates to a fresh 15-year high - from 5 to 5.25.

The National (Scotland)

Bank of England accused of over-reacting after raising interest rates to 5.25% – as it happened

Protests take place outside the Bank as it increases rates again, although inflation is expected to drop to 5% by end of the year

The Guardian - UK

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Bank of England set to join Fed in raising interest rates again amid high UK inflation

The Bank of England is set to raise interest rates for the 14th time in a row to a fresh 15-year high and keep the door open for further increases as it tries to tamp down persistently high inflation

The Independent UK

‘It’s a bloodbath’: the UK homeowners on variable rate mortgages

As the cost of borrowing rises again, we speak to some of the 1.4m people on variable rates dreading the effects

The Guardian - UK

Sunak claims ‘light at end of tunnel’ on inflation as Bank of England set to raise rates again

His comments came as the Bank of England prepared to hike interest rates to the highest level since February 2008

The Independent UK

Rising UK interest rates force homebuyers to take on longer mortgages

Builder Taylor Wimpey says Bank of England stance has weakened housing market

The Guardian - UK

Bank of England set to raise interest rates above 5% today

The City braces for a hike of at least a quarter-point, taking base rates to their highest since 2008

Evening Standard

TUC urges Bank of England to halt ‘reckless’ interest rate increases

Unions say widespread job losses in recent months have left UK ‘teetering on the brink of recession’

The Guardian - UK

Sarah Breeden to be deputy governor of Bank of England

Bank will have largest ever number of women on rate-setting monetary policy committee after appointment

The Guardian - UK

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The Guardian - UK

UK house prices fall at fastest rate since 2009 after interest rate rises

Nationwide says cost of a typical home is £260,828 after 3.8% year-on-year drop in July

The Guardian - UK

UK recession fears swirl as factory output falls and house prices slide – as it happened

Nationwide reports average house prices fell 3.8% in year to July, biggest annual drop in 14 years, while manufacturers suffer worst month of 2023

The Guardian - UK

Mortgage rates ease as Bank of England’s bitter medicine shows signs of working

Fixed deals edge down as the City predicts that interest rates are nearing their peak and the UK economy cools

The Guardian - UK

‘We’ve no magic wand’: UK mortgage advisers face an avalanche of queries

In Bingley, West Yorkshire, brokers are busy dealing with concerns over interest rates, and being asked to tell the future

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The Guardian - UK

Big UK lenders cut fixed mortgage deals in sign rates may be close to peaking

Moves by Nationwide, HSBC and TSB come after fall in inflation eases fears over future interest rate rises

Evening Standard

Homeowners hope mortgage rates have peaked as Nationwide becomes biggest lender yet to cut prices

Nationwide joins HSBC and Barclays among top lenders in lowering its rates

The Guardian - UK

Cancelled shows, opening goals and easy paydays – take the Thursday quiz

Fifteen questions on general knowledge and topical trivia, plus a few jokes, every Thursday. How will you fare?

The Independent UK

Treasury officials weigh 40-year mortgages to help first-time buyers

Long-term fixed-rate deals are popular in the Netherlands and Denmark and protect borrowers from interest rate spikes

Fortune

The ‘Bank of Mum and Dad’ gives millennials a 10-year boost over their peers

It’s compounding the existing wealth gap in a housing market where prices have risen steeply and mortgage rates have soared in recent years.

The Guardian - UK

Pound on worst run since March 2020 with UK economy ‘close to stalling’; some Gatwick strikes suspended – as it happened

UK private sector growth slowed to six-month low this month, while DHL workers have cancelled Gatwick strikes and other strikes are suspended

The Guardian - UK

Unconvinced by the Bank of England on inflation’s causes and solutions

Letters: Michael McLoughlin and Alan Whitehouse on recent attempts at control from the chancellor and the Bank of England governor

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