The Latest Breaking News from Andrew Bailey

Monetary Policy Committee raises rates by 50 basis points to 1.75 per cent

The Bank of England is likely to announce its biggest interest rate increase in more than 27 years as it seeks to rein in accelerating inflation driven by the fallout from Russia’s invasion of Ukraine

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

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

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

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

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

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

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