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The Latest Breaking News from Andrew Bailey

Bank of England hikes interest rates and warns UK to enter recession with inflation to pass 13% – as it happened

Interest rates rise to 1.75% – the biggest jump in 27 years – as BoE warns UK faces long recession as high gas prices hit households

The Guardian - UK

Sunak, Truss and the Bank of England are lying to you – the UK economy is weak and rigged

Westminster is perpetrating the same scam as the rate-setters – bluffing that they can get the old economic machinery working like before, says Guardian columnist Aditya Chakrabortty

The Guardian - UK

Raising interest rates will cause more bankruptcies and redundancies, expert warns

The Bank of England is trying to use higher borrowing costs to cool runaway inflation - but the timing was slammed by ex-MPC member Professor Blanchflower, who said he would vote to cut rates instead

Daily Mirror

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The Guardian view on the economy: a mess the Bank is making worse

Editorial: A hike in interest rates does nothing to stifle inflationary pressures and adds to the pain for firms and households

The Guardian - UK

Interest rates are rising – so why are mortgage rules being scrapped?

Analysis: Bank ruling that borrowers no longer have to show they can afford steep repayment hikes raises questions over how to curb excessive borrowing

The Guardian - UK

Why nobody is interested in rising interest rates

Mortgage interest rates are set to rise significantly over the coming months, and this will be brutal for many UK households. But talking up the coming crisis makes forecasters deeply unpopular—and actually the more it’s talked about, the worse it may get, argues Greg Marsh

Evening Standard

City watchdog failed British Steel pension savers, MPs say

The Financial Conduct Authority has been criticised by MPs on the the Public Accounts Committee.

The Independent UK

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The Guardian view on the UK economy: what an almighty mess

An unprecedented number will spend this winter choosing between freezing and starving. Britain needs an active state to help

The Guardian - UK

UK inflation surges to new 40-year high of 9.4%

Inflation in the United Kingdom has accelerated to a new 40-year high, driven by rising food and fuel prices that are contributing to a cost-of-living crisis

The Independent UK

UK inflation rise is worrying but Bank of England must not overreact

Analysis: Figure is being generated by factors outside Britain, and households and firms can do without burden of higher interest rates

The Guardian - UK

Half-point interest rate rise ‘on the table’ next month, says Bank of England chief

Andrew Bailey also announces plan to sell off some of Bank’s bonds stock to reinforce effect of higher rates in tackling inflation

The Guardian - UK

Outlook for economy has ‘deteriorated markedly’ due to soaring prices, Bank of England warns

Households and lenders can weather storm caused by energy price spike, says Bank

The Independent UK

Bank of England to test the UK banking system on ‘deep’ recession

Financial institutions must set aside more money to absorb coming economic shocks

Evening Standard

Parents dipping into children’s savings to pay soaring bills, poll finds

Britons are lifting around £8.5m a day from their children as costs continue to soar, survey found

The Independent UK

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Evening Standard

Barclays gives 35,000 staff a £1200 pay boost to help with cost of living

Barclays is to give 35,000 UK staff a £1,200 pay rise in August to help them cope with the soaring cost of living.

Wales Online

Soaring inflation to hit Britain harder than any other major economy

To address inflation, the Bank of England warns it may need the option of half-point interest rate rises

The Independent UK

UK faces bigger and faster recession than other European countries, Bank of England warns

Andrew Bailey said the UK economy had reached a ‘turning point’

The Guardian - UK

UK will face worse inflation than other major economies, says Bank governor

Andrew Bailey said inflation would persist for longer than previously expected as petrol prices soar

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The Guardian - UK

Central bank policymakers should not assume reputations will recover

As inflation soars, the Fed, ECB, Bank of England and others are more regularly challenged than in the past

Tribune News Service

With team effort, Giants accomplish something vs. Pirates they hadn’t done since 2017

PITTSBURGH — The Giants’ 7-5 win here Saturday afternoon, securing their first series win against the Pirates since 2017, was the definition of a team effort.

The Guardian - UK

Bank of England ready to take ‘forceful’ action on inflation, says chief economist

Central bank on high alert to raise interest rates more aggressively if needed, says Huw Pill

Wales Online

No tax cuts in England before inflation is tamed, ministers suggest

Rishi Sunak and Michael Gove appeared to indicate that fellow Conservative MPs pushing for tax cuts would have to wait as such measures could fuel runaway inflation

The Guardian - UK

Why are central banks pushing to raise interest rates?

Banks are raising rates to bring down inflation but there is a risk to economic growth

The Independent UK

Bank of England poised to hike interest rates to 1.25% in battle against inflation

Base rate of interest currently stands at 1 per cent - its highest point in 13 years

The Guardian - UK

Bank of England says inflation will hit 11% after raising interest rates to 13-year high – as it happened

UK central bank has raised interest rates to 1.25%, warned inflation will exceed 11% in autumn, and cut growth forecast for this quarter

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