The Latest Breaking News from Bank of England

A series of government U-turns has changed how it plans to tackle the cost of living crisis

Embattled UK Prime Minister Liz Truss on Monday apologized for going "too far too fast" with reforms that triggered economic turmoil, but vowed to remain leader despite a series of humiliating climbdowns. "I do want to accept responsibility and say sorry for the mistakes that have been made... we went…

New chancellor made no mention of policy in economic update but Treasury sources confirm he will go ahead with controversial move

New U.K. Treasury chief Jeremy Hunt has reversed most of an economic package announced by the government just weeks ago, including a planned cut in income taxes

The new Chancellor Jeremy Hunt this morning announced he will scrap major policies planned by his predecessor Kwasi Kwarteng, in an attempt to calm rattled markets

UK chancellor’s tightening of fiscal policy will lead to weaker growth and a deeper recession

Britain's new finance chief Jeremy Hunt on Monday axed debt-fuelled tax cuts to further calm market turmoil, in another major government U-turn that appears to leave Liz Truss's position as prime minister in a precarious state.

With markets, technocrats and voters on their backs, can politicians change anything?

The First Minister said a new Scottish pound would be launched when the "time is right".