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The Latest Breaking News from Bank of England

Labour will not waver from putting the UK economy on secure ground

The disastrous Conservative mini-budget has left the country in tatters. This government can no longer be trusted, says shadow chancellor Rachel Reeves

The Guardian - UK

Trickle-down Truss is carrying on the dirty work of Thatcher, Blair and Osborne

Britain has endured 40 years of decline thanks to this faulty economic theory. Will Keir Starmer finally kill it off?, says Yanis Varoufakis, leader of MeRA25 in Greece’s parliament

The Guardian - UK

Can I still use £20 notes? What to do with paper money that is no longer legal tender

The deadline to use paper £20 and £50 notes by was Friday

Liverpool Echo

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Inside the breakdown of the UK’s mortgage machine

Market turmoil sparked by mini-budget saw banks scrambling and 1,688 home loans pulled from shelves

Financial Times

How Liz Truss plunged the UK to the brink of recession in just one month

The new prime minister began September promising a ‘new era’ for Britain. One economic crisis later, she has delivered

The Guardian - US

Bank of England bonds rescue has two ugly implications: more inflation and an even weaker pound

With UK government bonds and sterling both falling hard in recent days, the Bank of England has been forced to step in. Only a few months after it started tightening monetary policy to fight inflation by raising benchmark interest rates and ending its programme to “create” money through quantitative easing…

The Conversation

Three reasons a weak pound is bad news for the environment

The day before new UK chancellor Kwasi Kwarteng’s mini-budget plan for economic growth, a pound would buy you about $1.13. After financial markets rejected the plan, the pound suddenly sunk to around $1.07. Though it has since rallied thanks to major intervention from the Bank of England, the currency remains…

The Conversation

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Douglas Ross squirms amid grilling over Tory tax cuts crashing economy

Douglas Ross faced tough questions over the fall-out from the Chancellor's mini-budget

The National (Scotland)

Thousands of Londoners face £10k mortgage blow as interest rates soar

Bank of England independence was no one’s first choice. Margaret Thatcher never did it, John Major preferred to devolve power to the German Bundesbank than grant it to Threadneedle Street. Because the power to set interest rates is an awesome one.

Evening Standard

How Kwasi Kwarteng’s budget-busting growth plan turned into week from hell

Tories head to conference with rocketing mortgage rates, a sterling crash and a 33-point poll lead for Labour

The Guardian - UK

Stock Market Falls, S&P 500 Hits Bear Lows; Biogen, Nike, Micron Are Key Movers: Weekly Review

The major indexes fell, with the S&P 500 breaking below bear market lows. Biogen soared on an Alzheimer's drug while Nike dived.

Investors Business Daily

Why IMF comments on the UK economy spooked traders and investors

Everyone from political pundits to people on the street have issued forth on the new UK government’s tax cut-laden growth plan recently. But it was a rare public rebuke from the International Monetary Fund (IMF) that really impacted financial markets.

The Conversation

Liz Truss: are the Conservatives facing an electoral meltdown?

The Conservative party is heading into its annual conference amid the catastrophic fallout from Chancellor Kwasi Kwarteng’s mini-budget. The decision to cut tax without a plan to pay for it caused a sharp fall in the value of the pound on currency markets, which reached an all-time low against the…

The Conversation

'Out of his depth': Kwarteng urged to quit as Chancellor after destroying economy

CHANCELLOR Kwasi Kwarteng is being urged to quit after taking a “wrecking ball” to the UK’s finances.

The National (Scotland)

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Benzinga

Explainer: Why Did The Bank Of England Lay Down $72B To Prevent A 'Lehman Moment'?

The UK’s central bank unpacked a whopping £65 billion ($72 billion) on Wednesday in a desperate attempt to steer the economy back to stability.

The Guardian - UK

How Kwasi Kwarteng’s mini-budget hit UK economy – in numbers

Reckless ‘fiscal event’ may have damaged Liz Truss’s government beyond repair

Liverpool Echo

Warning as people have 12 hours to spend £20 and £50 notes

Paper notes will be worthless by tomorrow

Evening Standard

Property slowdown seen as red flag for sector amid mortgage crisis

The monthly pace of house price growth slowed for the first time since July 202

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news in one place.

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The National (Scotland)

OBR will deliver forecast soon after meeting with Liz Truss and Chancellor

THE Prime Minister and Chancellor will “work closely” with the Office for Budget Responsibility (OBR) in the coming weeks and said they…

The Conversation

House prices: why a fall isn’t certain and wouldn’t help first-time buyers much anyway

The UK remains a nation of homeowners, with two-thirds of all dwellings belonging to the people who live in them. But as interest rates swiftly rise, there are fears that many of those households will soon find their mortgage payments unaffordable.

The National (Scotland)

Alister Jack attacks BBC for 'taking it too far' after saying pound is 'tanking'

ALISTER Jack claimed the pound was not “tanking” but the BBC was simply taking things “too far” in a car crash interview on Friday morning.

The Independent UK

UK fiscal watchdog to release analysis of tax-cutting plan

The U.K.’s Office of Budget Responsibility says it will deliver an initial analysis of the government’s economic plan on Oct. 7 following a meeting Friday with Prime Minister Liz Truss

Evening Standard

All is not normal in the City, however it looks

City Comment: Pinstripes make a return, but business is down

Evening Standard

Thousands face £10k mortgage blow in London

Warning as Prime Minister and Kwasi Kwarteng held OBR talks

Birmingham Post

The huge fallout from the mini-Budget has quelled its positive growth measures

Chancellor Kwasi Kwartang should have asked to independent Office for Budget Responsibility to assess the impact of his mini-Budget

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