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The Latest Breaking News from Andrew Bailey

Bank of England warns next interest rate hike could be higher than expected

‘Stronger response’ needed to tackle inflation, says Andrew Bailey

The Independent UK

Kwasi Kwarteng: how ex-chancellor’s fate was sealed by IMF orthodoxy he fought against

Former occupant of No 11 Downing Street finally sacked after financial institution chief’s remarks in Washington

The Guardian - UK

Pound falls after Liz Truss U-turn, as IFS warns ‘piecemeal’ changes won’t cut it

Sterling dips and cost of government borrowing rises despite PM’s bid to reassure markets

The Independent UK

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Truss dumps UK corporation tax freeze plan after firing ally

Liz Truss scrapped her plan to freeze corporation tax next year in another dramatic U-turn, hours after she fired her ally Kwasi Kwarteng and replaced him with Jeremy Hunt as UK Chancellor of the Exchequer.

Tribune News Service

Hunt replaces Kwarteng as Liz Truss plans humiliating U-turn

U.K. Prime Minister Liz Truss fired Chancellor of the Exchequer Kwasi Kwarteng and replaced him with former Foreign Secretary Jeremy Hunt as she prepared to make a humiliating U-turn on parts of her economic plan.

Tribune News Service

Friday briefing: How to understand gilts, yields and the Bank of England’s action to aid the economy

In today’s newsletter: Today the UK central bank is due to end its rare, urgent bond-buying to help stabilise the economy – but why, and what does it mean for you?

The Guardian - UK

Kwasi Kwarteng cuts short US trip as Liz Truss faces crisis with tax U-turn expected

Chancellor Kwasi Kwarteng is cutting short a trip to Washington, to fly home and tackle the financial chaos caused from his mini-budget with pressure growing on him and Prime Minister Liz Truss

Daily Mirror

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The Bank of England is selling off its most valuable asset: the perception of competence

It was the government that started this fire – but the Bank is proving to be a poor firefighter, says economist Duncan Weldon

The Guardian - UK

The Bank of England governor plans to stick – but it is a gamble

Andrew Bailey’s tough stance fuels the danger that ending one form of emergency intervention creates a need for a bigger one

The Guardian - UK

The Guardian view on the UK’s financial crisis: a lot of blame to go around

Editorial: Liz Truss and Kwasi Kwarteng deserve all the criticism coming their way – but spare some flak for the Bank of England

The Guardian - UK

Bailey must come clean on the way out of this mess

Bank of England Governor insisted pensions emergency bond market intervention would end Friday

Evening Standard

Shock fall in monthly growth leads to new fears of recession

Markets’ jitters over Kwasi Kwarteng’s plan continue

Evening Standard

Gilt yields jump again on confusion over BoE intentions next week

Governor Bailey insists that the emergency buying programme will end this week

Evening Standard

Bank of England reveals its scheme to protect market will end on Friday

There were reports it might be extended past Friday

Wales Online

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The Independent UK

Bank of England confirms emergency bond-buying scheme will end on Friday

Other measures will continue past 14 October, the Bank said

The Independent UK

How the pound is performing against other currencies

The pound fell against the Albanian Lek, the Lebanese pound, and the Malaysian Ringgit, among many others

Daily Mirror

What Bank of England emergency action means for your pension, mortgage and the pound

The Bank of England has been forced to intervene to help pension funds after the Mini-Budget spooked financial markets - but its emergency bond-buying programme is set to end on Friday

The National (Scotland)

Pound falls further as Bank of England warns market support will end soon

THE pound fell again overnight after the Bank of England governor warned its emergency support package for the markets would end on Friday.

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The Independent UK

Kwasi Kwarteng’s ‘original sin’ caused UK turmoil, says ex-Bank of England deputy

Sir Charlie Bean says Bank could extend emergency action to ease ‘pressure’ on government

The Independent UK

Pound falls after UK bank chief rules out extending help

The pound sank against the dollar after the governor of the Bank of England confirmed the bank will not extend an emergency debt-buying plan introduced last month to stabilize financial markets

The Independent UK

Jacob Rees-Mogg claims parts of economy in ‘good state’ and insists pensions safe

Cabinet minister clashes with BBC host – and reveals his own mortgage payments have gone up

Wales Online

Pound falls after Bank of England warns market support will end in days

There is continuing market turmoil in the wake of Chancellor Kwasi Kwarteng’s mini-budget

The Guardian - UK

Wednesday briefing: How much time will Conservative MPs give Liz Truss?

In today’s newsletter: Liz Truss gives her first PMQs since the fiscal statement that blew up her premiership and may hope to calm colleagues. But from benefits cuts to despairing backbenchers, she has a lot to deal with

Evening Standard

Pound wobbles as Bank of England warns market support will end on Friday

Governor Andrew Bailey warned there could be no further extension beyond the end of the week

The Independent UK

Pound plunges as Bank of England warns market emergency support will end on Friday

Sterling fell more than a cent against the dollar to its lowest rate since 29 September

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