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The Latest Breaking News from Bank of England

UK inflation hits 9.1% in new 40-year high as cost of living crisis deepens

The consumer prices index (CPI) measure of inflation rose in the 12 months to May to 9.1% - its highest level since 1982, as the cost of living crisis continues

Daily Mirror

UK inflation rises to fresh 40-year peak of 9.1% as cost of living crisis worsens – as it happened

Higher food, energy and record petrol prices push up inflation in May, as bread, cereal and meat become more expensive

The Guardian - UK

Brexit is making cost of living crisis worse, new study claims

EU withdrawal fuelling higher import costs and costing British workers nearly £500 a year, says Resolution Foundation

The Guardian - UK

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GPB Looks Cheap - But For Good Reason

I’m tempted to look at a higher time frame chart of GBP/USD and say it looks cheap. Whether the pound has fallen due to the flash crash or COVID-19 concerns, buyers have always been quick to snap up GBP/USD anywhere between 1.24 and 1.16 levels. That might ultimately hold out…

Benzinga

UK mortgage lenders told to ditch affordability test for potential buyers

Potential homeowners could find it easier to be approved for a mortgage as lenders are allowed to scrap an affordability test, the Bank of England has confirmed

Daily Record

Mortgage rules to change for buyers in two months

The Bank of England has confirmed the change to mortgages

Liverpool Echo

Mortgage rule to be axed next month - but experts warn it may be bad for buyers

Lenders will no longer be required to check you can afford a more expensive mortgage than the one you're getting

Bristol Post

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Mortgage affordability shake-up confirmed for buyers - what it means for you explained

The Bank of England has confirmed it is pushing ahead with scrapping a mortgage affordability test - despite interest rates climbing and fears that it could push house prices higher

Daily Mirror

Bank policymaker calls for faster rate rises to prevent weak pound fuelling inflation

Catherine Mann says Bank of England’s MPC is in danger of falling behind rival central banks

The Guardian - UK

Would a wage/price spiral cause inflation to run out of control?

Treasury officials’ fear that rising pay in pursuit of rising prices will create a vicious circle may be unjustified

The Guardian - UK

Average SVR paid by UK mortgage borrowers hits highest level in 13 years

Standard variable rate reached 4.91% at the start June – before last week’s rise in base rate by the Bank of England

The Guardian - UK

Is there any way of escaping recession? Three top economic minds have their say

The labour market is going to be key to how the UK economy performs in the coming months

Wales Online

UK mortgage lenders told they can scrap affordability rule for buyers

Bank of England feels other measures will play stronger role in guarding against household debt

The Guardian - UK

Mortgage affordabilty tests: Bank of England abandons ‘stress test’ recommendation for mortgage approvals

The change could help some borrowers get loans but strict loan-to-income limits remain in place

Evening Standard

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Evening Standard

In the race to catch up with inflation, the Bank of England lags behind

In greyhound races, the hare always wins. The greyhounds settle for the minor places. Head to Romford and you might catch tonight’s last race, in which Our Boy Walker is scheduled to go head-to-head with, among others, Bubbly Maniac. May the best dog come second.

Wales Online

Mortgage affordability rule to be axed from August 1

Aim is to get more first-time buyers on the property ladder

The Independent UK

Mortgage affordability rule will be ditched from August

Other rules in place should deliver appropriate resilience to the UK financial system but in a simpler more predictable way, the Bank of England said.

Daily Mirror

Workers won't get inflation-busting pay hike as biggest rail strike in decades looms

Treasury Minister Simon Clarke said the strike was 'likely' to go ahead but insisted ministers won't get round the table to resolve the dispute over pay and redundancy

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The Guardian - UK

Heathrow asks airlines to cancel 10% of flights, as easyJet cuts summer schedule – as it happened

UK travel chaos deepens

Evening Standard

London house prices: property market rises year on year but beginning to slow

House prices continue to rise year-on-year but have fallen compared to last month as the market begins to slow

The Guardian - UK

UK government needs long-term plan for higher wages, not a fight with workers

While Boris Johnson plays politics, Britain’s public sector is fraying at the seams

The Independent UK

Cost of living crisis 2022: How to cope with the rise in prices

Millions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. Kate Ng turns to financial experts for advice on how to deal with it all

Chronicle Live

As house prices hit an all-time high, home ownership is a pipe dream for many

The extension of the right to buy scheme by Prime Minister Boris Johnson could make the situation worse

The Guardian - UK

We face a global economic crisis. And no one knows what to do about it

Central banks rode to the rescue of nervous investors for years. But now they are raising rates just as the world economy spirals downwards

The Independent UK

Cost of living crisis 2022: How to cope with the rise in prices

Millions of Britons are struggling as the price of everything soars amid rising energy prices and inflation. Kate Ng turns to financial experts for advice on how to deal with it all

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