The Latest Breaking News from The Bank of England

The average household will see their monthly interest payments go up by about £220 if they are refinancing during the second half of this year

The Bank of England has warned that households across the U.K. are facing increasing problems from the sharp increase in interest rates but says the country’s biggest banks are resilient enough to offer more help than they were able to before the global financial crisis 15 years ago

So much for team transitory. Average earnings excluding bonuses rose by 7.3 per cent in May, above forecast and in line with the previous reading. In other words, inflation appears to be bedding in.

Bank and building society bosses appeared before the Treasury Committee on Tuesday, to explain what they are doing to support struggling customers.

The data has been described as a ‘glimmer of light’ for the Bank of England

Markets are pricing in an interest rate peak of 6.5%, probably early next year

The typical two-year fixed-rate residential mortgage on the market reached 6.66% on Tuesday, surpassing a peak of 6.65% amid last autumn’s volatility.

Rising unemployment and slowing jobs growth will not counteract strong pay pressure

‘Personal hell’ for homewners as average two-year deal reach 6.66 per cent – rates not seen since 2008 banking crash