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The Latest Breaking News from Bank of England

New UK finance minister Hunt reverses Truss's economic plan in dramatic U-turn

Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's economic plan and scaled back her vast energy support scheme on Monday, making a historic policy U-turn to try to stem a dramatic loss of investor confidence.

Reuters

UK to be plunged into recession until summer 2023, economists warn

Britain’s economy is expected to shrink around 0.2 per cent each quarter from October through to June next year

The Independent UK

Goldman Sachs expects worse UK recession in 2023

Bank tips economy to shrink 1% in downgraded forecast, but also predicts lower inflation and interest rates

The Guardian - UK

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UK economy to enter recession until summer 2023, financial experts warn

Britain’s economy is expected to shrink around 0.2% each quarter from October through to June next year.

The Independent UK

Goldman Sachs warns UK set for ‘more significant’ recession after Truss tax U-turn

Investment bank analysts downgrade growth from -0.4% to -1%

The Independent UK

UK investors brace for another week of market turbulence

Analysts expect more financial jitters after Bank of England ends intervention, while new chancellor tries to project calm

The Guardian - UK

As Truss heads for crucial Monday, signs are that U-turns will not be enough

Jeremy Hunt is trying to reassure hedge funds but UK’s reputation for political stability has been shredded

The Guardian - UK

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Yes, a new economic era was coming, but that made this act of self-harm even more idiotic

All advanced economies are facing a tough future as interest rates spike. But only one decided to add a heap of uncertainties of its own making

The Guardian - UK

Jeremy Hunt welcomed by Tories as he tears up Liz Truss’s fiscal plan

There’s relief among Conservative MPs as the new chancellor seeks to bring stability back to government

The Guardian - UK

Liz Truss news – live: More than 100 MPs ‘ready to submit no-confidence letters’

MPs will urge Graham Brady to tell PM ‘her time is up’

The Independent UK

Bear Markets Are Never Easy….Not Even for Bears

Bear markets are never easy. Not even for bears. Today's action is a reminder of that, and why the POWR Stocks Under $10's charter is to remain at least 50% invested. In a way, it reminds me of what happened in February, when markets were sinking lower on the prospects…

StockNews.com

Bank of England governor warns of further interest rates rise amid mortgage crisis

The governor also revealed that he has met with new chancellor Jeremy Hunt

Manchester Evening News

Mini-budget will likely mean higher interest rates, warns Bank of England governor

Andrew Bailey says UK borrowers can expect to feel impact of Truss government’s tax and spending decisions

The Guardian - UK

Interest rate rises could be higher than expected next month, warns Andrew Bailey

Bank of England Governor says ‘inflationary pressures’ could prompt stronger response than bank had previously thought

Evening Standard

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The Independent UK

Bank of England warns next interest rate hike could be higher than expected

‘Stronger response’ needed to tackle inflation, says Andrew Bailey

Reuters

As UK's Truss fights for job, new finance minister says she made mistakes

Britain's new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed, saying Prime Minister Liz Truss had made mistakes as she battles to keep her job just over a month into her term.

Bangkok Post

British PM fights for her job

LONDON: Britain’s new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed, signalling further reversals from Prime Minister Liz Truss as she battles to keep her job just over a month into her term.

Asharq Al-Awsat

New UK Finance Minister Warns Some Taxes Will Rise in Sign of New U-turn

Britain's new finance minister Jeremy Hunt said on Saturday that some taxes will have to go up, signaling another abrupt policy U-turn by Prime Minister Liz Truss who is battling to save her leadership just over a month into her term. In an attempt to appease financial markets that have…

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The Guardian - UK

Kwasi Kwarteng: how ex-chancellor’s fate was sealed by IMF orthodoxy he fought against

Former occupant of No 11 Downing Street finally sacked after financial institution chief’s remarks in Washington

The Guardian - UK

Five million UK families ‘face mortgage rising by £5,100 a year by end of 2024’

Increase adds up to a £26bn rise for homeowners, says Resolution Foundation thinktank

The Independent UK

Pound falls after Liz Truss U-turn, as IFS warns ‘piecemeal’ changes won’t cut it

Sterling dips and cost of government borrowing rises despite PM’s bid to reassure markets

The Guardian - UK

Liz Truss fails to calm markets despite sacking Kwasi Kwarteng

Sterling fell, FTSE 100 lost its gains and bond yields rose after PM’s press conference failed to announce new direction

The National (Scotland)

Pound falls further and bonds under pressure despite Government tax U-turn

THE value of the pound has dropped further despite Liz Truss's U-turn on large parts of former chancellor Kwasi Kwarteng's mini-budget.

Tribune News Service

Truss dumps UK corporation tax freeze plan after firing ally

Liz Truss scrapped her plan to freeze corporation tax next year in another dramatic U-turn, hours after she fired her ally Kwasi Kwarteng and replaced him with Jeremy Hunt as UK Chancellor of the Exchequer.

Reuters

UK's Truss sacrifices close friend Kwarteng over unloved fiscal plan

He was one of her closest friends and supporters, but Prime Minister Liz Truss sacked Britain's first Black finance minister Kwasi Kwarteng just 38 days into the job.

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