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The Latest Breaking News from The Bank of England

Chancellor backs interest rate hikes even if they push UK into recession

Chancellor Jeremy Hunt has backed interest rate hikes being used to calm soaring inflation even if they increase the risk of pushing the UK into…

The National (Scotland)

Jeremy Hunt backs interest rate hikes even if they cause recession; UK retail sales jump – as it happened

Chancellor says “only path to sustainable growth” is to bring down high prices behind cost of living crisis, as mortgage rates climb

The Guardian - UK

Jeremy Hunt ‘comfortable’ with recession if needed to cut inflation and stabilise economy

There are fears the bank’s Monetary Policy Committee may have to raise interest rates to as high as 5.5 per cent to tackle inflation

Evening Standard

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Top US professor issues currency advice to SNP for independent Scotland

A LEADING law professor has said that an independent Scotland would need its own currency and central bank ...

The National (Scotland)

Why profits, not pay, have caused the cost of living crisis

The Bank of England accompanied its most recent UK interest rate hike – the 12th in a row – with a warning that UK price inflation is likely to be higher for longer than expected due to soaring food costs. The bank has been hiking rates since December 2021 to…

The Conversation

How inflation drop to 8.7% will impact your household budget, savings and mortgages over next few months

Some monthly mortgage repayments are expected to increase by around £200 a month this year.

Daily Record

2% inflation drop won't stop people relying on foodbanks, money expert warns

Inflation has dropped by two per cent, heralding a long-waited change in the right direction, but Tom Francis, head of advice from Octopus Money, has warned that it is far from the beginning of the end

Daily Mirror

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Failure to grasp UK inflation drivers will continue to keep prices high

Energy prices have fallen, and farming and manufacturing costs have eased, so why are food prices still accelerating?

The Guardian - UK

Investors take fright as inflation shock fuels rate-rise fears

Core inflation rose to its highest level in 30 years

Evening Standard

Homeowners' mortgage woe as interest rates tipped to rise AGAIN despite inflation falling

Today's inflation figure is higher than predicted as many believed the inflation rate would drop as low as 8.2% - while it may sound like good news, experts have issued a warning

Daily Mirror

Rate of inflation falls to lowest level in more than a year but prices are still going up

The decline in inflation is said to have been driven by gas and electricity costs remaining stable

Manchester Evening News

UK interest rates forecast to jump above 5% this year after higher-than-expected inflation – as it happened

Rolling, live coverage of business, economics and financial markets as consumer price index inflation reaches 8.7%, well above forecasts

The Guardian - UK

Wednesday briefing: Why the UK’s inflation rate just came down to 8.7%

In today’s newsletter: It’s good news – but the figure is still a bit higher than expected, even as energy costs decline. As the latest data is released, we look at its ongoing impact – and what it means for you

The Guardian - UK

Inflation falls sharply to 8.7% as price rises finally ease - what it means for you

Inflation finally falls below double digits dropping by 1.4% to 8.7% according to the Office for National Statistics (ONS)

Daily Mirror

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The Independent UK

Bank of England admits it made errors in UK inflation forecasts

Governor Andrew Bailey insisted inflation has ‘turned the corner’, ahead of official figures on Wednesday.

The Independent UK

Watch: Top Bank of England economists face questions on interest rate increases

The Bank of England’s top economists faced questions on interest rates on Tuesday, 23 May.

Evening Standard

OPINION - The arrogant Bank of England has made our inflation crisis worse

It is, perhaps, the nearest we’ve got so far to an admission from the Bank of England that things haven’t gone entirely to plan. Andrew Bailey, the Bank’s Governor, acknowledged last week that “some of the strength in core inflation…reflects second-round effects... And as headline inflation falls, these second-round effects…

The Guardian - UK

Inflation is on the wane, but a longed-for sharp drop is far from in the bag

Energy bills and a tight labour market continue to cloud predictions of a steep decline by the end of the year

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The Guardian - UK

UK ministers ask to meet Revolut amid reports it may be refused licence

Britain’s most valuable fintech firm has criticised regulatory hurdles that it says could drive it abroad

The Independent UK

Stop raising interest rates, Jeremy Hunt’s adviser tells Bank of England

‘We can afford to take more time to get inflation back down,’ says Andy Haldane

The Independent UK

Kwasi Kwarteng again refuses to apologise over economic turmoil

The former chancellor said he was ‘not in the business of forgiveness’

Evening Standard

Home working leads to ‘lack of creativity’, warns Chancellor Jeremy Hunt

The Chancellor has warned permanent working from home could lead to a “lack of creativity” in industry.

Evening Standard

Cryptocurrency trading should be regulated as gambling as it ‘serves no useful purpose’ otherwise, MPs say

The Committee said regulating cryptocurrencies as financial products risked giving people a false sense of security in the assets

The Guardian - UK

UK interest rate rises are taking the labour market off the boil

Number of vacancies falls and more people rejoin workforce – but work is needed on skills and ill health

The Conversation

UK economy: why the Bank of England is now more upbeat than the IMF

The Bank of England has changed its mind about the prospects for the UK economy. Having been predicting a recession in 2023 as recently as February, its latest May report is expecting a soft landing from the bout of high inflation and a year of interest rate hikes.

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