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The Latest Breaking News from Bank of England

Tax remains key divide as leadership campaigns respond to economic outlook

Liz Truss’s campaign has argued for implementing tax cuts quickly, while the Sunak campaign has warned against too much borrowing.

The Independent UK

Sunak defends taking money from deprived urban areas as he faces latest hustings with Liz Truss – as it happened

Candidates face Tory members in Eastbourne; former chancellor, who was filmed saying he tried to divert funds from ‘deprived urban areas’, says it was sensible

The Guardian - UK

BoE's Bailey rebuffs talk of less central bank independence in UK

Bank of England Governor Andrew Bailey pushed back at suggestions by the front-runner to become Britain's next prime minister Liz Truss and her supporters that the government should have a bigger role in how the central bank operates.

Reuters

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Workers asking for pay rises risk embedding inflation, says Bank boss

'If everybody tries to beat inflation – in price-setting and wage-setting – it gets worse,’ warns Andrew Bailey

The Guardian - UK

Bank of England governor urges workers to limit pay rise demands to help others without ‘bargaining power’

Andrew Bailey also rejected criticism bank should have raised interest rates sooner

The Independent UK

Millions face mortgage 'time bomb' of rising prices - see how much more you'll pay

Experts have warned that households face paying thousands of pounds more a year when they do come to remortgage, as rates continue to rise off the back of the Bank of England hike

Daily Mirror

Kwasi Kwarteng says 'AWOL' PM 'on top of' economic crisis and argues 'I’m here, in a suit'

Business Secretary Kwasi Kwarteng claimed holidaying Boris Johnson and Chancellor Nadhim Zahawi were 'completely on top of what's happening' after Bank of England issued dire warnings

Daily Mirror

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No emergency cost of living help for at least a month, says minister

Business secretary Kwasi Kwarteng says support will not be introduced until ministers return to work

The Guardian - UK

Next PM will have to find ‘many more billions to help households pay soaring energy bills’

Think tank also warns public services will need more investment

The Independent UK

Average UK house price falls month on month for first time since June 2021

Following a year of exceptionally strong growth, house prices fell by 0.1% month on month in July, Halifax said.

The Independent UK

Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened

Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union

The Guardian - UK

GMB airs footage of empty chair as no minister shows up despite economy crisis

Despite the dim news of the Bank of England's 'doomsday' forecast of recession, no one from the Government turned up to Good Morning Britain to shed light on the forecast

Daily Mirror

The Bank of England predicts a lengthy recession at the end of the year

Soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October, the bank said. That will push Britain into recession later this year, bank forecasts show.

WEKU

Friday briefing: What the interest rate spike means for the country – and for you

In today’s newsletter: The biggest rate rise in nearly 30 years comes amid forecasts of economic decline. How bad might it be?

The Guardian - UK

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The Independent UK

Tory leadership - live: Sunak warns ‘we’ll lose election if inflation rampant’ as Truss heckled

Former chancellor says he’s ‘particularly worried’ about policies that worsen crisis after protesters interrupt foreign secretary

Wales Online

Key moments as Truss and Sunak face Tory members in TV debate

Both interviewed by Sky News presenter Kay Burley

The Guardian - AU

‘The big squeeze’: what the papers say about Bank of England’s recession forecast

Bleak period of recession combined with rises in cost of living dominate the front pages, with plenty of horrifying graphics

The Independent UK

What the papers say – August 5

The papers on Friday focus solely on the expected recession as readers are told to ‘batten down the hatches’.

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ABC News

UK braces for long recession after biggest interest rate hike in 27 years, ASX rises to two-month high

Australian shares rise to their highest level in two months, after oil prices sink to their lowest level since before Russia's invasion of Ukraine, and the Bank of England announces its biggest interest rate hike in 27 years and warns of a long recession for Britain.

The Independent UK

Key moments as Truss and Sunak face grilling from Tory members during TV debate

The two Tory leadership hopefuls took part in Sky News’ The Battle For Number 10.

Daily Mirror

Britain heading for year-long recession - but PM and Chancellor nowhere to be seen

Prime Minister Boris Johnson is reportedly on honeymoon in Slovenia while Chancellor Nadhim Zahawi enjoys a family break while families around the country are worried about how they'll pay their bills

The Guardian - UK

Sunak scorns Truss’s claims that tax cuts can avert recession

Tory leadership rivals disagree on how to turn economy around and avoid predicted downturn in Sky news debate

The Independent UK

Sunak accuses Truss of plans that would pour ‘fuel on the fire’ of recession

Rival insists shrinking economy is not ‘inevitable’

Reuters

Sunak and Truss clash over recession warning in debate

British foreign minister Liz Truss clashed over the future of the economy with former finance minister Rishi Sunak on Thursday as the two contenders to be Britain's next prime minister debated the Bank of England's warnings of a long recession.

Evening Standard

Andrew Bailey hits back at claims Bank of England too slow to raise interest rate

The shocking assessment of the economy has reset the backdrop for the Conservative leadership contest

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