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The Latest Breaking News from Andrew Bailey

Liz Truss to face MPs after mini-budget wreaks financial chaos

Governor Andrew Bailey sparked more market turmoil after he said Bank of England support will end on Friday.

The Independent UK

Major pension fears as Bank of England governor issues 3 day warning and pound PLUNGES

The pound fell after the Bank of England gave pension funds a three day warning to balance their books before it removes emergency support for the bond market on Friday

Daily Mirror

Ministers ‘blame Bank of England’ for soaring mortgage costs as housing crisis grows

Mortgage costs have risen sharply since chancellor Kwasi Kwarteng’s so-called mini budget

The Independent UK

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The Guardian view on the financial crisis: a meltdown made in Downing Street

Editorial: Liz Truss’s first big policy has been shot down by financial markets – and her economic credibility shredded

The Guardian - UK

Meet Team Truss, the new No 10 inner circle entering Downing Street

The PM has surrounded herself with a like-minded group of field experts and political power brokers who’ve proven their loyalty to her in the past — but who are they? Anne McElvoy looks at the Tories’ fresh new team

Evening Standard

A global recession looks increasingly likely – but here’s how Australia could escape it

If the US pushes up interest rates to the point where it’s about to bring on a recession, Australia would be well advised to stand back and not lift rates

The Guardian - AU

Speed and scale of events may force Bank to expedite next rate decision

Amid extraordinary market changes, the Bank of England seems unlikely to sit on its hands

The Guardian - UK

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What are supply-side reforms?

Chancellor planning further regulatory changes for British industry to be announced this autumn

The Independent UK

UK’s cost of borrowing on international markets overtakes Greece and Italy

Five-year British government bonds fall dramatically as traders price in higher risk of default on debt

The Guardian - UK

Bank of England struggles to win confidence of markets

City Comment: If you aren’t nervous, you aren’t paying attention

Evening Standard

Kwasi Kwarteng denies boasting 'who cares if the pound crashes' on night of Brexit vote

The Chancellor's spokesman claimed a 2016 article, reporting he said 'who cares if sterling crashes? It will come back up again' outside a private members' club, was 'untrue'

Daily Mirror

Pound steadies but Kwasi Kwarteng faces massive market turmoil

The pound steadied in early trading in Asian markets on Tuesday as it climbed to $1.07 just before 6am

Evening Standard

Kwarteng faces market turmoil after sterling's disastrous day

New survey puts Labour party 17 points ahead

Wales Online

A global recession looks increasingly likely – but here's how Australia could escape it

Global stock markets are tanking on fears of recessions in the US, the UK and Europe, and the OECD is actually forecasting recessions in Europe.

The Conversation

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The Independent UK

Kwarteng faces massive market turmoil after disastrous day for sterling

The Treasury moved to settle the markets with the promise of a Budget next spring as the pound tumbled against the dollar on Monday.

The Independent UK

What could the Bank of England do after pound plummets to record low?

Analysts want Bank of England to increase interest rates to ‘restore credibility’ to UK economy

The Guardian - UK

Markets warn sterling slump could lead UK interest rates to triple by next year

Analysts expect Bank of England to convene meeting to raise rates with further increase in November

The Guardian - UK

UK in recession and further interest rate hikes probable, Bank of England warns

Threadneedle Street makes clear on eve of tax-cutting mini-budget that plans risk triggering more rate rises

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Wales Online

Bank of England set for bumper interest rate hike

The interest rate is set to soar to the highest level since the financial crisis of 2008

Evening Standard

Mini-budget predictions: What should we expect from Kwasi Kwarteng?

The Standard looks at the moves the chancellor could announce

The Guardian - UK

Biggest interest rate rise for 25 years could spell showdown at the Bank

This week’s decision could pit governor Andrew Bailey against an expansionary PM and chancellor

Evening Standard

Bank of England postpones next week’s interest rate decision after Queen’s death

A widely expected rise in interest rates has been put on hold due to the death of the Queen

Daily Mirror

Britain still heading for recession but inflation could slow down, Bank of England says

Bank of England govenor Andrew Bailey sidestepped questions on whether Liz Truss’s expected energy package could spike a rise in living costs.

Reuters

New UK leader Liz Truss finalises huge power subsidy plan

Britain's new Prime Minister Liz Truss on Wednesday readied the final details of a plan to tackle soaring energy bills, which looks likely to cool inflation but add more than 100 billion pounds ($115 billion) to the country's borrowing.

The Guardian - UK

Government moves to calm markets as pound falls to lowest level against dollar since 1985

New chancellor on charm offensive in Square Mile says Bank of England independence ‘is sacrosanct’

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