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The Latest Breaking News from Bank of England

UK credit card debt is ballooning for all the wrong reasons

In normal times consumers spend for gratification – in this cost of living crisis they are spending out of desperation

The Guardian - UK

UK credit card borrowing rises at fastest annual rate for 17 years

Annual growth for credit card borrowing hit 11.6% in April

The Guardian - UK

Alarm as mortgage borrowing dives and credit card debt soars

Figures point to delay in house purchasing and increase in debt for essential items

Evening Standard

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Credit card borrowing grows at fastest annual rate since 2005

The annual growth rate of credit card borrowing in April was 11.6%, marking the highest rate since November 2005, the Bank of England said.

The Independent UK

Wages: why are they not keeping up with inflation?

There has been a huge amount of concern about rising inflation in recent months, and it’s made worse by the fact that wage inflation has not been keeping up. A few workers in high-paid jobs have enjoyed higher bonuses and inflation-busting pay rises – it has just been reported that…

The Conversation

How Partygate could do for Johnson as Black Wednesday did for Major

The Tory reputation for economic competence was shredded in 1992 but the present PM’s woes go deeper, politically and economically

The Guardian - UK

Nicola Sturgeon under pressure to fund free school meals for secondary pupils amid cost of living

Scottish Trades Union Congress Union has support from opposition politicians in their campaign to extend free school meals.

Daily Record

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City fears Sunak energy deal may force Bank of England’s hand on rates

THE BANK of England may be forced to shove up interest rates even quicker than it was planning following Rishi Sunak’s dramatic intervention in energy markets, the City warned today.

Evening Standard

Can’t We Just Print More Money? review – the Bank of England’s guide to economics

Two of the bank’s economists attempt to soften the formidable institution’s reputation with this jaunty handbook

The Guardian - UK

Rishi Sunak warned £15bn support package may not be enough

Economists fear the Chancellor may have to dish out billions more next spring, risking pushing inflation higher

Evening Standard

Bank of England ‘reluctant’ to talk about Brexit harm, says Bank of America

Bank of England governor Andrew Bailey faced a Brexit row on Friday after it was accused of being “reluctant” to talk about the harm caused by Britain quitting the EU to avoid upsetting the Government.

Evening Standard

Martin Lewis raises alarm on fixed-rate mortgages 'ticking timebomb'

The financial expert believes interest rates could go up even further

Chronicle Live

Cost of living crisis: Poorer households face even higher inflation, Institute for Fiscal Studies warns

Poorer households may face an eye watering inflation rate of 14 per cent, the influential Institute for Fiscal Studies has said, after the boss of energy regulator Ofgem warned bills will soar even higher this autumn.

Evening Standard

Bank of England chief economist Huw Pill on inflation, interest rates and the labour market

He believes interest rate rises could have some say to go while whether those who left the workforce due to the pandemic will return is a big question for the UK economy

Birmingham Post

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Daily Mirror

Martin Lewis warns of 'time bomb' of rising prices for everyone with a mortgage

Martin Lewis explained how homeowners who are coming off a cheap deal may find they cannot fix again at the same rate because the Bank of England has hiked interest rates

Wales Online

Martin Lewis fears 'ticking timebomb' over fixed-rate mortgages

The financial expert believes interest rates could go up even further

Chronicle Live

State Pension could rise by £1,000 next year as inflation soars

The new state pension amount could break the £200-per-week mark for the first time

The Independent UK

Households ‘may struggle to get insurance without climate change action’

There could be a reduction in access to lending and insurance for those sectors most exposed to physical risks, the Bank of England said.

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The Guardian - UK

UK finance ‘faces £340bn in losses’ without action on climate change

Dire warning follows first Bank of England climate stress tests on seven largest lenders

Chronicle Live

Supermarket items rising the fastest in price revealed in new research

Inflation has been rising with the Bank of England expecting it to hit a staggering 10%

The Guardian - UK

Sunak says he can’t help the cost of living crisis. What about these five simple steps?

Even business leaders are starting to clamour for fairer, green solutions, says George Dibb of the IPPR Centre for Economic Justice

The Guardian - UK

Bank of England not to blame for soaring inflation, says governor

Andrew Bailey defends response to Covid pandemic and indicates Bank will not take aggressive approach to raising interest rates

Evening Standard

Interest payments on government borrowing to hit £100 billion City warns

Latest figures on UK finances out Tuesday morning

The Independent UK

House prices: Will rising interest rates cause a property market crash?

House prices jumped 9.9 per cent in the year to March 2022. With interest rates increasing, is a crash on the way?

Evening Standard

The Bank of England is steering us straight into a terrifying iceberg

Andrew Bailey, the Governor of the Bank of England, admitted last week that “to forecast 10 per cent inflation and to say there isn’t a lot we can do about it is an extremely difficult place to be… This is a bad situation to be in.” It’s the sort of…

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