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The Latest Breaking News from Bank of England

British pound hits record low against US dollar, prompting recession fears

The pound hit a record low against the dollar Monday on surging fears about the UK economy after the government unveiled a huge tax-cutting budget.

France 24

What does the pound’s slump mean for the UK and its consumers?

How the currency crisis affects imports, prices, investors and the Bank of England

The Guardian - UK

Pound hits record low against the US dollar as markets lose faith in UK government

In early Asia trade, sterling fell close to $1.03 before regaining some ground and stood at $1.06 on Monday morning (September 26), UK time

Wales Online

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The Kwarteng plan puts at risk the very poorest people in the UK – and growth

The government’s policy approach risks stagflation. It is making history for all the wrong reasons, says economist Mohamed A El-Erian

The Guardian - UK

Sterling slides back towards record low as Bank of England and Treasury fail to reassure markets – as it happened

Bank of England says it ‘will not hesitate’ to change interest rate but appears to be trying to squash expectations of an emergency rise

The Guardian - UK

Post Office prepares for deposit rush of paper £20 and £50 notes before deadline

Friday is last day Bank of England’s old-style notes will be legal tender, having been replaced by polymer versions

The Guardian - UK

Average price of a home jumped £2,587 in September, says Rightmove

Asking price of property coming onto the market in the UK is now £367,760 with growth driven predominantly by middle and high-end market sectors

Wales Online

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Post Office prepared for rush of customers depositing paper £20 and £50 banknotes

Last minute dash to pay in old notes before they are banned in shops or to pay businesses

Wales Online

‘A matter for the Bank of England’: Liz Truss refuses to discuss if UK in recession

Chancellor Kwasi Kwarteng also claims he can’t comment on ‘market movements’ following pound’s plunge

The Independent UK

Pound hits all-time low against dollar after mini-budget rocks markets

Odds of sterling hitting parity with dollar jump, as analysts say UK bond market ‘getting smoked’ by giveaway

The Guardian - UK

Liz Truss facing party pressure amid fears over pound slump

The pound’s value has dropped almost eight per cent against the US dollar in the past month

Evening Standard

Truss’s go-for-broke gamble means Labour inherits economic mess if it wins election

Vote is there to be lost by Labour. How hard can it be to show party would do a better job on economy?

The Guardian - UK

Keir Starmer unveils green growth plan to counter Liz Truss’s tax cuts

Labour pledges a revolution in green energy to ‘boost jobs and slash emissions

The Guardian - UK

Six day warning for anyone with paper £20 notes featuring the Queen's face

The Bank of England has announced a huge change to UK money

Liverpool Echo

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Liverpool Echo

Inside the abandoned tunnels and vaults under famous Liverpool street

The long forgotten spaces have a rich history

Wales Online

Kwasi Kwarteng insists vast tax cuts ‘not a gamble’ amid hostile reception

Chancellor refutes Institute of Fiscal Studies claim that he is 'betting the house' by putting Government debt on an 'unsustainable rising path'

Evening Standard

Chancellor says mini budget ‘is not a gamble’ as pound plunges

Kwarteng defends massive tax cuts and borrowing as spooked markets leave pound at new 37 year low

The Guardian - UK

Half of Kwarteng’s cuts to personal tax will go to richest 5%, say experts

Thinktank says someone earning £1m will gain £40,000 as top rate, basic rate and national insurance reduced

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Bangkok Post

Pound sinks in reaction to huge UK stimulus

LONDON: The British pound plunged to a 37-year low and stocks sank after the government delivered the most sweeping tax cuts since 1972, as economists warned that the ambitious plan was unsustainable at a time when inflation is rampant.

The Conversation

Mini budget 2022: experts react to the new UK government's spending and tax-cut plans

UK chancellor Kwasi Kwarteng has just launched the biggest package of tax cuts in half a century. This will involve around £45bn of reductions for people and businesses by 2027 – 50% more than anticipated before the mini-budget announcement.

The Guardian - UK

This ‘mini-budget’ is a naked exercise in redistributing wealth upwards

Kwarteng’s borrowing spree will have ugly economic consequences, says Michael Jacobs of Sheffield University

Evening Standard

Pound plummets to fresh 37-year low as markets are spooked as mini-budget unveiled

Sterling declined to a new 37 year low of $1.0899

The Independent UK

Pound plummets as Kwasi Kwarteng sets out biggest raft of tax cuts for 50 years

The Chancellor abolished the top rate of income tax for the highest earners.

Evening Standard

Stamp duty cut ‘could spectacularly backfire’ first-time buyers warned

Today’s stamp duty changes will be welcomed by London first-time buyers, however buying incentives risk increasing demand and may see a surge in prices

Evening Standard

What does Kwasi Kwarteng’s stamp duty cut mean for house prices?

Rather than reducing overall buying costs there are concerns the stamp duty cut will push up house prices

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